Bengaluru: Uber Technologies Inc. has elevated former Mckinsey and Co. Inc. executive Pradeep Parameswaran as its new India and South Asia head, at a time when the world’s largest cab-hailing service is looking to double down on its investments in the country, as it looks to grab market share from home-grown rival Ola (ANI Technologies Pvt Ltd).
Parameswaran takes over the role from Amit Jain, who has been tasked with heading Uber’s entire Asia Pacific business, including countries such as Australia, New Zealand and North Asia. Jain’s elevation was part of a broader strategy that indicated Uber’s intention to focus on markets such as Australia and take on Ola, which also recently launched its service in that country.
Earlier in June, in an interview with Mint , Uber chief operating officer Barney Harford had said that the company was considering both internal and external candidates for the role of India head. Harford had also said that Uber would continue to invest heavily in India, the ride-hailing company’s most important market outside the US, for an indefinite period rather than focus on cutting the company’s massive losses in India.
“Uber is one of the most exciting, innovative and mission-driven companies in the world, and I’m thrilled to lead our business in this critical global market as we work to bring the benefits of ride-sharing to even more riders, drivers, and cities. After twenty years building businesses and leading through change across Asia and the US, I am excited to shape how the region moves over the next twenty,” Parameswaran said in a statement.
Parameswaran’s appointment comes at a time when Uber is engaged in market share battles in the Asia Pacific region against local rivals such as Ola, which is backed by Japan’s SoftBank Group Corp., a common investor in both taxi start-ups. Rumours of a potential Ola-Uber merger in India have been doing the rounds for the past few months, but both companies have repeatedly denied any such merger talks.
In the interview with Mint on June 18, Harford had also indicated that in its remaining markets in Asia Pacific, including India, the company will only consider a deal in which Uber ends up with a majority stake.