Uber hints at serious cash burn to step up market share 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 those in markets in which we have limited experience and if we are unable to manage the risks presented by our business model internationally, our financial results and future prospects will be adversely impacted,” Uber said in its filing on Friday.