After 5 years of operations in India, Uber has recorded a decent spike in revenue and profit for the fiscal year ending on March 31, 2018.
On the revenue front, Uber India has reported Rs 21.6 crore as total income in FY18, a 20.67X jump from Rs 1.04 crore in the previous fiscal. One of the few companies that became profitable in FY18, Uber India profits also soars to Rs 19.67 lakh from a mere Rs 3.22 lakh in FY17.
While Uber India managed to enter profitability slab, the company’s arch-rival Ola has reported Rs 4,897.8 crore as the loss for FY17 despite a 70 per cent jump in revenue. The latest figure for Ola’s revenue and losses is yet to be filed.
Globally, Uber posted a whopping $1.07 billion as losses for the September quarter. The Dara Khosrowshahi-led firm had intended to invest in Uber Eats and electric bikes and scooters businesses in the growing market such as India and the Middle East.
The ride-sharing platform had clocked 780,000 trips a day in August 2016, which increased to 1.3 million trips a day in July 2017. In April 2018, the number of rides further grew to 1.4 million trips a day.
As Uber India has achieved an annualised gross booking rate of $1.64 billion in the third quarter of 2018, the Indian unit counts for 11 per cent of the ride-hailing major’s global operations.
Further, Uber is considering India as the hub for its global research & development (R&D). The ride-hailing firm is planning to incubate startups in the country that will help in solving the transport and mobility problem.
The development was reported by ET via Tofler.