Uber, the prominent ride-hailing service, experienced a significant increase of over 57% in losses in India, reaching Rs 311 crore in the fiscal year 2023, compared to Rs 197 crore in FY22. Despite this, Uber India demonstrated a notable 54.4% surge in revenue, reaching Rs 2,600 crore in FY23, as reported by Entrackr, citing consolidated financial documents.
Rides on the platform contributed to 25% of the total operating revenue, witnessing a substantial 75% increase to Rs 679 crore in FY23. Meanwhile, income from business support services, provided to the parent company Uber in the US, grew by 52.5%, totaling Rs 1,977 crore during FY23.
In FY23, Uber India underwent a structural change, with Uber India Systems Private Limited (UISPL) merging with UIRDPL (Uber India Research and Development) and XLI (Xchange Leasing India).
Uber India's employee benefits expenditure rose by 56.4%, reaching Rs 2,079 crore in FY23 from Rs 1,329 crore in FY22, which includes a Rs 668 crore ESOP cost.
Despite financial challenges, Uber showcased positive contributions to environmental sustainability. Indians covered 64 million kilometers in Uber electric vehicles (EVs) in 2023, collectively spending 3.9 million hours, contributing to a greener future.
The total distance covered by Uber trips during the year amounted to a record 6.8 billion kilometers, equivalent to traversing the entire 6.37-million km road network in India over a thousand times or nearly thrice daily.
The cities with the highest number of Uber trips in 2023 were Delhi-NCR, Bengaluru, Hyderabad, Mumbai, Pune, and Kolkata, according to the company. Currently, Uber is testing its flexible pricing service in various tier 2 and 3 cities in India, aiming to broaden its user base by allowing commuters to bid on a particular fare for their rides.
(With Agency Inputs)
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