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India is the third-largest market for ride-hailing company Uber by volume and it continues to grow rapidly, Uber India and South Asia President Prabhjeet Singh said on Thursday, adding that the company will continue to invest in the domestic market. 

"We believe that the demographic dividend which India enjoys, the digitisation which is happening at scale and the infrastructure creation, all of them are strong tailwinds for categories which we operate in," Singh told IANS on the sidelines of an event here.

He further stated that India offers an "incredible opportunity to leapfrog private vehicle ownership and embrace shared mobility".

"All the signals in the market actually reflect that there is a great chance for India to digitise and scale ride-hailing in a very meticulous way. India is today one of our fastest growing markets and we feel excited about both the near term and long term in this important market," Singh told IANS.

The Uber India executive said they are incredibly proud of the scale and profitability of the business in the country.

"We are incredibly excited about the growth in the macro ecosystem and the growth which we are experiencing on the platform, both on the number of riders and drivers joining the platform," Singh noted.

According to the latest company report, Uber Auto and Moto are expected to drive Rs 36,000 crore in economic activity in the country in 2024. While rides with Uber generated Rs 80,000 crore in consumer surplus for riders in Bengaluru, rides with Uber created Rs 130,000 crore in consumer surplus for riders in Delhi. Consumer surplus is one of the most important measures of economic welfare – the amount you would pay someone to voluntarily give up a good or service.

Singh told IANS that Uber, available in 125 cities, continues to invest heavily in introducing new products for riders in the country.

"We will continue to expand both our footprint and introduce new services to serve every segment of the population," Singh added.

At the event, Uber unveiled a suite of new features aimed at enhancing the daily experiences of its drivers in India. It has more than 1 million monthly active drivers in the country. The new features are 'Helmet Selfie', 'Women Rider Preference' and 'Audio Recording'. Uber also announced the promotion of registrations on the government’s e-Shram portal — a unified database for gig workers and unorganised workers. To encourage participation and accelerate registrations, Uber is offering cash incentives to the first 10,000 drivers who register on the portal.