Uber to stay invested in India; looks to grow 10x: CEO

He said that Uber has a global portfolio and, "We cover 80% of the cab-hailing market".

This is Khosrowshahi's maiden visit to the country and he disclosed that Uber plans to "go all out" in the country and invest aggressively going ahead.

Khosrowshahi - who left Bellevue, Wash. -based Expedia a year ago to become Uber's CEO - is sold on the idea.

"We expect to lose money in Southeast Asia and expect to invest aggressively in terms of marketing, subsidies etc", he said while pointing out that there's huge potential for growth in the region due to fast internet user growth and a massive population. "So while SoftBank may have an opinion, theirs is not the only opinion in the room". Acknowledging Ola as a good competitor, he said the home-grown rival was driving the global giant to innovate and compete.

"From a competitive standpoint we think we can improve", Khosrowshahi was quoted as telling reporters in New Delhi.

Uber was less successful in China, where it eventually had to exit the market in exchange for a stake in Didi Chuxing.

But Khosrowshahi seemed to dismiss that strategy on Thursday, according to the Reuters report. "How we how we perform as a company after 10 years very much depends on our success in India".

"We are investing in this (India) market because we believe in it. We have to become more local, we understand the Indian consumer, and we have to build our product so that it is more tuned to the Indian consumer, five years from now". "And it is my belief that we as a company need to have a balanced profile in terms of growth and investment". Khosrowshahi, who took charge after Kalanick was asked to step down by the board, said he was working to change the culture at the company through a new set of norms that were crowdsourced.

The billionaire entrepreneur responded to a question sent via Twitter by journalist Anirban Ghoshal on behalf of Uber CEO Dara Khosrowshahi.

Speaking at an event of a confluence of world and industry leaders, policy makers, academicians and corporate heads, Khosrowshahi, 49, recalled that he could migrate to the U.S. and chase his American dream without hindrance.

Musk replied to him: "If you love drones above your house, you'll really love vast numbers of "cars" flying over your head that are 1,000 times bigger and noisier and blow away anything that isn't nailed down when they land". I was incredibly lucky to get to America at a time when immigrants were welcome. I feel lucky to be an American. "I am hoping over time our country returns to its roots that is to welcome folks who want to come, welcome folks who want to work hard", he said.