Uber has been struggling in India to eke out profit
As per a new report quoting people having knowledge on the matter, authorities of Uber suspended the discussions following the collapse of tech startup valuations.
Cab service aggregator Uber Technologies Inc. has reportedly explored options for its ride-hailing business in India — including a sale. As per a new report quoting people having knowledge on the matter, authorities of Uber suspended the discussions following the collapse of tech startup valuations. The news comes at a time when Uber, along with its Indian rival Ola, is facing trouble to make profit in India despite having a growing market.
According to a report by Bloomberg, the United States-based company had begun mulling alternate options and reached out to multiple interested parties after it realised that it had little potential for profitable expansion across India. According to the news agency, the people, who did not ask to be named, also said that Uber weighed in on a “stock swap with local companies or even a pullout”, before the plans were upended by a global equity market rout. “A stock deal was favored in exploratory talks as that would allow Uber to retain a foothold in India,” the people said, as per the report by Bloomberg.
(Details to be added soon)
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Source: News18