Uber’s revenue in India surges by 54% in FY23
- ByStartupStory | January 10, 2024
Uber India witnessed a substantial 54% year-on-year surge in its FY23 revenue, reaching Rs 2,666 crore. The company experienced a remarkable increase in revenue from rides, up by 74% to Rs 678 crore compared to Rs 388 crore in the previous fiscal year. Additionally, its revenue from support services soared to Rs 1,977 crore, marking a 52% increase year-on-year, as per filings from data and research agency Tofler.
The primary revenue sources for Uber in India include support services provided to drivers and end-users, encompassing on-demand lead generation and payment facilitation from end-users.
Despite the revenue growth, Uber India’s consolidated net loss in FY23 expanded to Rs 311 crore, a nearly 59% increase from Rs 196 crore in FY22. Total expenses amounted to Rs 3,145 crore, primarily allocated to employee benefit expenses, reaching Rs 2,078 crore.
In contrast, Uber Inc., the company’s US-based parent, reported a substantial revenue of $32 billion, marking an 83% year-on-year increase as of December 2022, while noting a net loss of $9 billion.
Meanwhile, Ola Electric, Uber’s direct competitor in India, reported a consolidated revenue of Rs 2,782 crore in FY23, witnessing a remarkable 510% surge, yet facing a widened net loss of Rs 1,472 crore due to escalating expenses.”
Follow Startup Story
Related Posts
