Did the ride-hailing giant Uber explore the option of selling its loss making India unit? As per a Bloomberg report citing sources US-based Uber Tech explored mulitple options including an outright sale for its Indian arm.
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Bloomberg quoting unnamed sources stated that Uber pondered a stock swap with local companies or even a pullout. So what changed? Simply the market conditions, tech startup valuations cratered making the US transport startup re-evaluate proposals.
Uber has hived off money-losing businesses to achieve its goal of being consistently profitable. But the notion that it was pulling out of one of the biggest markets in the world was denied by Uber.
In a response to Bloomberg, Uber was quoted as saying “We have never explored exiting India — not even for a minute, Uber remains committed to India and continues to hire people “aggressively.”