Uber rejects claim that it explored exiting India – TechCrunch

Uber saidThursday’s announcement by the company dismissed claims that it had discussed selling the unit in India, a key market for many tech giants.

Bloomberg reported earlier in the day that the San Francisco-headquartered firm had explored selling the India business, but “suspended discussions after tech startup valuations cratered.”

An Uber spokesperson released a statement. said the news outlet’s reporting was “categorically false.”

“We have never explored exiting India—not even for a minute. Uber still considers India as important today than it was nine years back when we started. We are serving riders and drivers across more than 100 cities, hiring Indian talent aggressively, and planning for the next decade and beyond,” the spokesperson added.

Uber, whose shares have dropped like many other tech firms in recent quarters competes in India with SoftBank-backed Ola. Both Uber and the Bengaluru-headquartered startup, valued at about $7.3 billion, claim tentpole position in the country.

Ola seems to have moved at least some of her focus from ride-hailing to the manufacturing and sale of electric vehicles in recent decades.

Uber chief executive Dara Khosrowshahi told employeesLast month, the firm stated that it is focusing on profitability. According to a source familiar, the firm is not profitable in India and has sold Uber Eats India to Zomato in early 2020.

Uber spokesperson did no immediate respond to a request to comment on its India finances.