Uber faces competition from private vehicle ownership, not other ride-sharing companies, says India business head Prabhjeet Singh

Ridesharing company Uber said the company is facing competition from private vehicle ownership and not from other ride-sharing companies.

"Competition helps us push our thinking, make our products and service better," said Prabhjeet Sing, head of Uber Cities, India and South Asia. "However, having said that competition for us is not other ridesharing companies, it is private ownership and that has always been the mission and the vision for the business as we have scaled up."

Uber wanted to be a one-stop shop for all mobility needs and will try to create more affordable price points, Singh told CNBC-TV18.