Even as Uber goes public in US, rival Ola giving a run for its money in India

Disclosures in the Uber IPO prospectus that the cab-hailing app may never turn profitable must be music to the ears of its rival in India, Ola, which is expected to go public in two years and is all set to turn profitable in a year’s time.

Uber will go public on Friday, considered to be the biggest in the US since 2014, targeting a valuation of between $80 and $90 billion. It will give the company access to huge public funds which could help it increase network in countries like India where it is facing tough competition from Ola.

On a slow track