Uber continues to see massive growth and is India's third largest market by volume, Uber India and South Asia President Prabhjeet Singh said on Thursday while speaking at an event organised here where he said the company will continue to invest in the domestic market. "We believe the demographic dividend that India enjoys, the digitisation that is happening at scale and the infrastructure creation-all of them are tailwinds for categories which we operate in," Singh said IANS on sidelines of an event here.
He also added that India offers an "incredible opportunity to leapfrog private vehicle ownership and embrace shared mobility."
"All the signals in the market actually reflect that there is a great chance for India to digitize and scale ride-hailing in a very meticulous way. India is today one of our fastest-growing markets and we feel excited about both the near-term and long-term in this important market," Singh told IANS.
The Uber India executive said they were very proud of the scale and profitability of the business in the country.
"We are very excited about the growth in the macro ecosystem and the growth which we are experiencing on the platform, both on the number of riders and drivers joining the platform," Singh added.
According to the latest company report, Uber Auto and Moto will spur Rs 36,000 crore in economic activity in the country in 2024. While rides with Uber generated consumer surplus worth Rs 80,000 crore for riders in Bengaluru, rides with Uber created consumer surplus worth Rs 130,000 crore for riders in Delhi. Consumer surplus is probably one of the most informative measures of economic welfare-the amount you would have to pay a person to voluntarily give up a good or service.
Singh said, "Uber remains committed to extensive investments in the introduction of new products for the riders in the country with Uber available in 125 cities."
"We will continue to expand both our footprint and introduce new services to serve every segment of the population," Singh added.
Uber announced new features designed to enhance the daily lives of its drivers in India. The ride-hailing firm has more than 1 million monthly active drivers in the country. The new features include 'Helmet Selfie', 'Women Rider Preference', and 'Audio Recording'. In addition, Uber said it is opening registrations on the government's e-Shram portal, a unified database for gig workers and unorganized workers. Cash incentives to the first 10,000 drivers who register on the portal are being given to encourage participation and accelerate registrations.
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