Uber India's Revenue Rises 54%, But Rides Aren't The Biggest Segment
The Bengaluru-based company's overall revenue from operations rose to Rs 2,666 crore in FY23 from Rs 1,726.5 crore in FY22, according to filings accessed via Tofler.
Uber India Systems Pvt., the Indian arm of the ride hailing giant, revenue rose 54% year-on-year in FY23, accompanied by a significant widening of losses.
The Bengaluru-based company's overall revenue from operations rose to Rs 2,666 crore in FY23 from Rs 1,726.5 crore in FY22, according to filings accessed via Tofler.
Of this, revenue from rides grew to Rs 678.6 crore from Rs 388.3 crore. However, revenue from support services grew to Rs 1,977.4 crore from Rs 1,296.4 crore in FY22. These support services are defined as the services it renders to its parent company Uber BV.
Its total expenses ballooned to Rs 3,145.7 crore from Rs 2,145.5 crore, while loss widened to Rs 311.3 from Rs 196.7 crore.
Interestingly, Uber Inc., the listed tech giant, has moved into profits. In the September quarter of 2023, or Uber's Q2, it posted its second straight quarterly profit, reporting a $221 million net income.
In recent times, Uber India has launched several new products such as Uber Green, and round trips on Uber Intercity. It is also reportedly working on introducing flexible fares in certain cities, looking to take on newer rivals such as Rapido and InDrive, while battling for turf with Ola Cabs and EV challenger BluSmart.
