Uber all set to attain a strong position in its Indian market
The San Francisco based ride-hailing giant Uber has poured a sum of nearly 52 crores into its Indian branch – Uber India
Uber has strived with a dedication to manipulate the potential in the Indian nation where there is an intense vying associated with cab services from the Indian based Ola and other modes of standard taxi associations. This is after Uber called it quits with regards to its Chinese market and has sold off its operations to the Chinese ride-hailing giant Didi Chuxing the previous year. In the same time period, it has given the assurance that it will contribute to Uber India a considerable amount of the 3.5 billion dollar sum which it had raised from the Public Investment Fund from Saudi Arabia.
Uber India head Amit Jain had quashed rumors related to the brand’s plan of expanding its market further in the nation as per an interview a little while ago. He emphasized that the shift associated with the executive side won’t impact the functioning in any way. Uber’s worth and standing have become stronger in India ever since the June of last year and has reported 2.5 times growth with regards to the total trips and the merchandise associated.
To establish a firm standing in India, the ride-hailing giant has made subject to the inception of an experimental feature by name UberPASS in some of the metropolises in the country. Regarding the same the selected users from the rider base can be benefitted by slashed fares and other advantages associated. Encompassing this includes rides from the highly rated drivers, some waiver related to cancellation charges and the aspect of availing the premium products and services. There is still a lot which the ride-hailing giant has to offer.
Uber India has also made ventures into the food delivery domain in the nation with the inception of the new UberEATS service which is functioning in Gurgaon and Mumbai, where it offers the local eateries a delivery option. The brand has made strides with respect to availing the services of more than a hundred of delivery partners so as to make the venture an astounding success. Also, the Indian Prime Minister Narendra Modi also has strategized plans to collaborate with the ride-hailing services in India as a plan to mitigate the ever-increasing problem of traffic congestion. This experimental phase which will operate for a period of three months will also help in curbing the private car’s ownership associated with the nation.
Speaking of the ride-hailing business in the nation, it has experienced an astronomical growth in the time span of the last 2 to 3 years with influx of companies like the aforementioned Uber, the homegrown Ola and other startups and services like Ryde, Bla Bla Car and also Voler and Zoomcar the latter two of which promotes a self-driven methodology. Other services include Wiwigo, TaxiVaxi, and Rapido.
Last year, a figure of more than 150,000 vehicles were plying on the roads of the nation due to Uber and Ola. A research reveals that the nations, the ride-hailing market will experience tremendous growth in the coming years. As per the fiscal year 2016, the fleet sales contributed to 9% of the nation’s PV sales which is set to rise up to 15 % or 17% by the Fiscal year 2020.
Uber’s main rival Ola has accumulated 50 million dollars in funding from Tekne Capital management and the deal increased Ola’s funding to 2.4 billion dollars.It has also ventured into the idea of launching electric vehicles and Uber is definitely searching for innovative ideas to attain a strong and firm establishment in the Indian market of ride sharing.