Uber’s chief executive resigns
Uber is preparing to hand over its CEO, Dara Khosrowshahi, to India’s Prime Minister Narendra Modi, in a sign of growing confidence in the ride-hailing giant as the company seeks to expand to more cities.
The move follows a meeting in December between Mr. Khosrowshahi and Mr. Modi.
The Indian leader had previously asked Mr. Uber to share its operations in India with the government, a request that was rejected by Mr. Khan.
Mr. Trump’s administration is also expected to give an order on Wednesday on an effort to expand American tech firms to India.
The U.S. government had initially objected to the request for permission for an Indian-backed ride-sharing service in the U.K. but was overruled by British Prime Minister Theresa May.
India has also expressed interest in buying Uber.
Uber’s stock price fell as much as 11 percent after the news was announced, and it’s been trading lower since.
Uber has struggled to stay afloat despite a flurry of new technology investments, including the purchase of Waymo, a self-driving car company.
Its stock has dropped in recent weeks after a report by Reuters showed that the company was not complying with a federal court order to help the government investigate its tax evasion.
Mr Khan said he was leaving to pursue a new career after Mr. Obama’s election.
He is expected to join a new venture in New York that includes Uber.
“My goal is to build the next generation of leadership that will take Uber to the next level,” Mr. Kahn said.
The news was first reported by Reuters.
The White House declined to comment on the resignation.
India is an important market for the ridesharing service because the country is the third-largest economy after China and the U and has a relatively low corporate tax rate.
Uber had been in talks with India’s government to bring its service to the country, and its Indian operations are being used to bring ride-and-ride services to India, where Uber has had to rely on taxi drivers for some of its vehicles.
In December, the New York Times reported that the U, India’s largest trading partner, had agreed to give Uber a ride-share license, which would allow it to operate in India without a government licence.
Mr Modi’s government is now seeking to attract more companies to the nation, including Amazon, Airbnb, Lyft and Uber, and is also looking to create a national taxi network.
Uber is a global ride-Hailing company with more than 100 million users worldwide.
Uber launched in India in 2016, offering a ride service in major cities such as New Delhi and Mumbai.
It later expanded to the rest of the country and now has over a million registered users.
The company also operates in China, where it has more than 20 million registered drivers.
Uber, which has been battling regulatory scrutiny from cities and regulators in the United States, is still trying to negotiate with the Federal Trade Commission to open up its operations to ride-shares.
It has faced a series of legal battles with cities in several countries including San Francisco, Seattle and Seattle, Washington, which have sought to restrict its service in a bid to curb its use of ride-takers.