Uber India's revenue rises 41%, losses narrow significantly

Uber India reported strong financial results for the fiscal year ending March 31, 2024. The company's operating revenue rose by 41%, reaching Rs 3,762 crore. This is an increase from Rs 2,666 crore in the previous year. The improvement is attributed to better ride-hailing services and growth in support operations. Uber's losses narrowed by 71%, decreasing from Rs 311 crore to Rs 89 crore. Over the last five to six years, Uber has focused on strengthening its mobility services. In FY24, Uber’s ride-hailing revenue increased by 19%, reaching Rs 806 crore. Last year's figure was Rs 678 crore. Revenue from support services also grew significantly, climbing to Rs 2,936 crore from Rs 1,977 crore. However, Uber's total expenses rose by 26%, reaching Rs 3,977 crore. This increase was largely due to higher employee benefit costs totaling Rs 2,690 crore, with additional spending on materials and other expenses. The company reduced its advertising costs by about 28%, lowering them to Rs 66 crore from Rs 92 crore. In related news, Uber is exploring the acquisition of BluSmart, a local competitor. This move could strengthen Uber's market position amid growing competition. In the ride-hailing space, Uber competes with companies like Ola and Rapido. Ola reported a decline in operational revenue to Rs 2,368 crore, down from Rs 3,000 crore. Meanwhile, Rapido’s operating revenue increased by 46% to Rs 648 crore due to expansion into new areas and more customer bookings.