Active Stocks
Tue Apr 23 2024 13:37:17
  1. Tata Steel share price
  2. 162.25 0.25%
  1. Bharti Airtel share price
  2. 1,335.65 2.86%
  1. ICICI Bank share price
  2. 1,089.35 0.21%
  1. NTPC share price
  2. 346.40 0.98%
  1. HDFC Bank share price
  2. 1,505.20 -0.47%
Business News/ Companies / News/  ‘Very little activity on the ground,’ says Bhavish Aggarwal on Uber, replying to Dara Khosrowshahi comments
BackBack

‘Very little activity on the ground,’ says Bhavish Aggarwal on Uber, replying to Dara Khosrowshahi comments

The CEO of ride-hailing company Ola Bhavish Aggarwal, commented on Uber's position in the Indian market. Aggarwal asserted Ola's dominance, claiming they are deep into India and tripling Uber's ride-sharing revenue in FY23. He criticised Uber for talking it up without significant action

Bhavish Aggarwal. Co-Founder & CEO at Ola claimed DominancePremium
Bhavish Aggarwal. Co-Founder & CEO at Ola claimed Dominance

CEO of ride-hailing and cab aggregator Ola Bhavish Aggarwal said that Uber is ‘far behind in the ride-sharing business in the country,’ responding to Uber’s global CEO Dara Khosrowshahi's comment on Indian consumers, according to a report by Business Standard.

Aggarwal said, “Ola is going nowhere. It is already doubling down and deep into India, and Mr Uber (Khosrowshahi) is behind anyway. If you see his ride-sharing revenues, our revenues were 3x of his in FY23. They are coming from behind and just talking it up, but very little activity on the ground," as quoted by Business Standard daily.

In a recent interview with the Economic Times Khosrowshahi said that the "Indian customer is a demanding one, both in terms of service and price", adding that “it has been historically very difficult for companies which operate in higher revenue and cost scenarios to compete in low-cost and lower unit revenue markets. For us, India is not only a market with enormous potential, but it is a state of mind."

Uber started operations in India in 2013 with a promise of cheap fares for riders and high incentives for drivers. Meanwhile, home-grown rival Ola started in 2010.

Ola’s rival Uber's Indian entity reported a 7.3 per cent rise in its operating revenue to 397 crore during FY22 from 370 crore in FY21. The company's local arm cut down losses by 35.3 per cent to 216 crore from 334 crore, according to Fintrackr, as reported by Entrackr.

Additionally, Ola Electric is revving up for its highly anticipated Initial Public Offering (IPO). However, the road ahead for investors isn't entirely clear. While Ola boasts a dominant market position and ambitious growth plans, potential hurdles like financial stability, fierce competition, and evolving government policies cast a shadow on the promising future.

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 27 Feb 2024, 10:22 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App