Uber India Systems Private Limited, a ridesharing, taxi, and transportation network company, reported a revenue of Rs 3,860 crore for the financial year 2023-24, marking a 41 per cent increase compared to the previous year, according to business intelligence platform Tofler.
Despite this growth, the company posted a net loss of Rs 89 crore, reflecting a 71 per cent improvement over the previous year’s loss. Uber India’s total expenses for the fiscal year amounted to Rs 3,977 crore, according to a Business Standard report.
These expenses encompass the costs associated with employee benefits beyond base salaries, such as health insurance, retirement plans, and other related expenses.
Uber trips in India covered a total of 9.2 billion kilometers last year, according to the company’s annual report, ‘How India Ubered’, which highlights key trends in transportation across the country in 2024.
Also Read: NSE To Shift Headquarters, BKC Landmark To Become Data Centre: Report
Indian Market For Uber
India remains one of Uber’s largest and fastest-growing markets, as noted by Prabhjeet Singh, President of Uber India and South Asia. He highlighted that India is an “incredibly important market” with a long-term potential that could extend over several decades.
In line with its growth strategy, Uber recently partnered with Refex Green Mobility to introduce 1,000 electric vehicles (EVs) in major Indian cities by 2026, aiming to accelerate the adoption of EVs on its platform.
This partnership supports Uber’s global goal of achieving 100 per cent emission-free rides by 2040 and strengthens its commitment to advancing clean energy solutions. The addition of 1,000 electric vehicles to Uber’s fleet will meet the increasing demand for sustainable transportation options in urban areas. As part of its broader electrification initiative, Uber has also launched Uber Green in Delhi, Mumbai, Bangalore, and Kolkata.
In the ride-hailing sector, Uber India faces competition from players like SoftBank-backed Ola, Swiggy-backed Rapido, and several new entrants that have emerged in the past 12-15 months. Ola Consumer posted operational revenue of Rs 2,368 crore in FY24, down from Rs 3,000 crore in the previous year. This figure encompasses its ride-hailing, financial services, and logistics operations.
