Uber hints at serious cash burn to step up market share in India

Striking a note of caution, the cab aggregator has said it has been making significant investments in incentives and promotions to help drive growth in India

American cab-hailing firm Uber Technologies Inc has mentioned its India business, the largest after the US market, prominently in its initial public offering (IPO) filing. The draft prospectus for the biggest IPO in the world since Alibaba’s in 2014 has projected a major cash burn for Uber in trying to get a significant market share in India. Apart from Uber’s India business, the filing with the US Securities & Exchange Commission (SEC) refers to local rivals including Ola, Swiggy and Zomato while citing the risk factors.     

“Our business is substantially dependent on operations outside the United States, including