“Subsidies, when it comes to e-commerce, and large burning of cash is a Chinese invention,” said Uber CEO, Travis Kalanick, at IIT Bombay on Tuesday. “It’s an interesting innovation and something that I’ve had to learn about,” he said. Kalanick was speaking at a fireside chat with entrepreneur and UTV Group founder, Ronnie Screwvala. Kalanick however, said that as long as Uber has to burn cash, he would ensure that it would spend it as efficiently as possible.
Uber was founded in 2009 is now present in 68 countries. Uber had announced last year that the company would invest $1 billion into India.