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Tuesday, September 29, 2020

Uber yet to see recovery of mobility biz in India: CEO

“Mobility recovery is clearly dependent on the public health situation in any given area,” Khosrowshahi said addressing investors on the company’s Q2 2020 earnings call.

By: ENS Economic Bureau | New Delhi | August 8, 2020 1:32:53 am
Dara Khosrowshahi (AP Photo/Mark Lennihan, File)

Uber is yet to see recovery of its mobility business in India, CEO Dara Khosrowshahi said adding other markets in the region were seeing a revival. “Mobility recovery is clearly dependent on the public health situation in any given area,” Khosrowshahi said addressing investors on the company’s Q2 2020 earnings call.

Ride-hailing firms like Uber and Ola have seen a sharp dip in bookings as companies have allowed employees to work from home and the lockdown has restricted non-essential movement. Public transportation in India remained suspended during first phase of the lockdown and was only permitted to operate with partial relaxations starting May.

Recent surveys indicate local consumers are opting for used cars for their daily commute. There is a rise in demand for cars in the Rs four-six lakh price bracket, FE reported in June. A Deloitte analysis showed 70 per cent consumers want to avoid ride-hailing options altogether.

To rein in costs amid loss of business, Uber gave up office space in Mumbai and laid off 600 permanent employees in India as part of the firm’s global downsizing exercise.

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