Uber signs MoU with ONDC to expand mobility offerings

Ride-hailing app Uber has signed a memorandum of understanding with the government-promoted Open Network of Digital Commerce (ONDC) to expand the range of mobility offerings on the Uber app.

According to Uber Global CEO Dara Khosrowshahi, as a tech company, Uber sees the open-source tech stacks with a lot of interest.

"MTT (mobility, transport, and travel) is certainly a critical sector to us ... Today's MoU is a major step forward and one we hope will enable a diverse range of mobility solutions," said T Koshy, MD and CEO of ONDC.

Over the last 10 years, the San Francisco-based ride-hailing app has grown its presence to 125 cities across India and completed over 3 billion rides to date, the company said in a statement.

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India is a strong geography for Uber, the company had said in its last earnings call. "India for us is super strong, and we are gaining category position versus our big competitor there. And we think we're the larger player," Khosrowshahi said.

In the fourth quarter, Uber reported a significant uptick in net profit, which nearly tripled to $1.43 billion. The surge was primarily driven by a substantial pre-tax benefit resulting from the re-evaluation of the company's equity investments.