Car ownership is a trap that can be prevented: Uber CEO Dara Khosrowshahi

He says the younger generation doesn't dream of owning a car, but instead wants the freedom of having any service on demand.

Uber Chief Executive Officer Dara Khosrowshahi says the younger generation doesn’t dream of owning a car, but instead wants the freedom of having any service on demand. He also feels that established protocols and industries are the enemies of innovation.

“Car ownership is a trap that can sometimes be prevented. India does not need to be trapped by these establishments. India can actually be the innovator for the developing countries of the world,” Khosrowshahi said here on Tuesday. He was responding to a question seeking comment on Finance Minister Nirmala Sitharaman’s assessment that the slowdown in the domestic auto industry was due to a shift in the millennials’ preference for ride-hailing apps.

On concerns that the company is losing a lot of money in India, Khosrowshahi said, “The profitability characteristics of our business here (in India) are improving. India is a fundamental part of Uber’s growth; it’s among the top 10 markets for us. We continue to lean on and invest in India.”

“We are going to invest the profits from some of our more mature products into your products, such as Auto, Moto, and Transit,” he added.

The Uber CEO was in New Delhi to announce a partnership with Delhi Metro Rail Corporation (DMRC) under which the Uber app will get integrated with the details of metro trains to provide commuters a seamless experience while travelling from one point to another.

Delhi is the second Asia-Pacific city where Uber will provide riders with the ability of planning their transit journey with real-time information and end-to-end directions via its app.

Initially, Uber will only provide an overview of routes on which public transport is available. In the long term, however, there is a plan to integrate payments for different modes of transport within the Uber app.

Khosrowshahi agreed that India was a competitive market, with consumers wanting a great service at low prices. “India has also become the innovation gateway for Uber which it can export to other parts of the world,” he said.

Business Standard