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Uber India Records 54 Percent Increase in Operational Revenue

CIO Insider Team | Tuesday, 9 January, 2024
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Uber announced that its operational revenue in India for the most recent fiscal year increased by 54 percent to Rs 2,666 crore, driven primarily by a robust uptick in its ride-hailing business and ongoing expansion in its support and services division.

Uber Inc., a San Francisco-based company, reported a greater loss of Rs 311 crore for the year that ended March 31, 2023, compared with Rs 197 crore in the previous fiscal year. This was due to a substantial increase in staff spending and advertising costs.

Based on data from business intelligence platform Tofler, the company's regulatory filings with the Registrar of Companies show that ride-hailing income in India climbed by 75 percent year over year to Rs 678 crore in FY23.

Following the Covid-19 lockdowns in 2020 and 2021, the firm resumed its previous pace of growth. Ride-hailing income from four-wheelers, auto rickshaws, and bike taxis increased by 30 percent in FY22.

The numbers for Uber India Research and Development Pvt Ltd and Xchange Leasing India Pvt Ltd, two more companies that were combined into Uber India Systems Pvt Ltd (UISPL) on April 1, 2022, are also included in the company's financial statements.

The primary cause of the growth in Uber India's net loss was the company's largest cost head, employee benefit costs, which increased by 56 percent to Rs 2,078 crore in FY23.

Nearly three-fourths of Uber India's revenue in FY23 came from support and services rendered to the company's international businesses, a 52 percent increase to Rs 1,977 crore.

Uber Inc., the parent company listed globally, reported revenue of $32 billion for the entire year that concluded on December 31, 2022, an 83 percent increase from the previous year. It said that its revenue for the nine months that concluded on September 30, 2023, had increased by 17 percent to $27 billion.

The US-based company's net loss for the 12 months ended December 31, 2022, jumped from $496 million to almost $9 billion. Nonetheless, the business made $458 million in profit from January to September of 2023 as opposed to over $10 billion in loss during the same time in 2022.

The primary cause of the growth in Uber India's net loss was the company's largest cost head, employee benefit costs, which increased by 56 percent to Rs 2,078 crore in FY23.

Spending on advertising and promotions increased to Rs 92 crore in FY23 from Rs 45 crore in FY22, a more than twofold increase. In FY21, UISPL incurred expenditures of Rs 121 crore on advertising and promotions.

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