FIRST AIRED: March 30, 2018

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Transcript

00:00:01
>> Uber has retreated from Southeast Asia and much of Europe with legal battles in some of its remaining foreign footholds. But it also has its eye on a new big prize, India. It's one of the US company's fastest growing markets, and Uber is pouring into it much of that cash that was saved by its withdrawals elsewhere.
00:00:20
With Uber considering an initial public offering next year, there is a lot at stake on the subcontinent. Sankalp Phartiyal is at the Reuters' Mumbai bureau.>> India's $12 billion taxi market is under penetrated and here Uber faces only one rival in Ola. In Southeast Asia and China, it faced stiff competition from multiple local operators who eventually forced Uber to exit those markets.
00:00:42
>> Uber and Ola are locked in a fierce battle. Both ride-hailing apps are backed by a common investor, SoftBank. But the rivals don't necessarily have to destroy each other.>> Sources and executives we spoke to said the two companies met and discussed a potential merger between themselves, with Uber in the driving seat.
00:00:59
But they also said there is no immediate merger plan between the two.>> Ola operates in more Indian cities and has a bigger fleet of cars than Uber, according to sources and executives, but it doesn't look like Uber is gonna quit any time soon. In a show of commitment it recently signed one of India's most expensive celebrities, Virat Kohli, the Indian Cricket Team captain, as a brand ambassador.