 "Uber")
During the earnings call for the March quarter, chief executive officer (CEO) Dara Khosrowshahi announced that Uber has over 1 million drivers, according to a report in The Economic Times (ET).
India has become the third country, following the US and Brazil, to achieve the milestone of 1 million drivers.
The ET quoted Khosrowshahi as saying, "We continue to see healthy audience growth of 17 per cent due to continued penetration into new geographies and expansion of new use cases, along with consistent frequency growth."
In February, the CEO had told the ET that he was confident that the company would reach the 1-million-driver mark in India. "There's one other market in the world, Brazil, which has broken a million. I'm quite confident we will break that in India. The earnings [of driver-partners] here are well above the minimum wage, and it's a flexible way to earn," he had said.
Khosrowshahi further said India stands out as one of the company's fastest-expanding markets, which is evident in both bookings and transactions. While larger markets typically exhibit gradual growth, India distinguishes itself as a significant market experiencing rapid expansion, he had said.
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In the quarter ending March 31, Uber witnessed a 15 per cent surge in global revenue from the previous year, reaching $10.13 billion, including earnings from both its mobility and delivery ventures. However, the company reported a net loss of $654 million, in contrast to $157 million from the prior year. Additionally, the platform experienced a 15 per cent increase in monthly active users worldwide, totalling 149 million.
In his prepared remarks posted by the company, Khosrowshahi highlighted Uber's strategy to boost user growth by expanding its presence in existing core markets and entering new consumer segments.
Uber signs MoU with ONDC
In February this year, Uber signed a memorandum of understanding (MoU) with Open Network for Digital Commerce (ONDC) to investigate potential integration with the network. This collaboration is aimed at broadening the spectrum of mobility options available on the Uber app.
"We are excited to take our first step through this MoU with ONDC to explore how we can accelerate our ambition to make Uber a platform for every Indian's daily mobility needs," Uber India and South Asia, President, Prabhjeet Singh had said.
