Uber India cuts losses by 71% to Rs 89 crore in FY24, revenue jumps 41%

The total expenses of the company which competes with Ola, Rapido for the fiscal were reported as Rs 3,977 crore

Uber India Systems Private Limited, a ridesharing, taxi cab, and transportation network company, reported its revenues for the financial year (FY) 2023-24 as Rs 3,860 crore, a 41 per cent jump from the previous financial year, according to the business intelligence platform Tofler. The company further reported a net loss of Rs 89 crore during the same financial year, a 71 per cent decrease from the previous year. The total expenses of the company, which competes with Ola and Rapido, for the fiscal were reported as Rs 3,977 crore.

 

These expenses represent the costs a company incurs to offer employee benefits beyond base salaries, including health insurance, retirement plans, and more.

 

 

Uber trips in India spanned 9.2 billion kilometres last year, according to Uber India’s annual data report, How India Ubered, encapsulating key trends on how India moved during 2024.

 

India is among Uber’s largest markets by volume and is growing at a rapid pace, president of Uber India and South Asia Prabhjeet Singh said recently. He termed it an "incredibly important market" that presents a multi-decadal opportunity for the ride-hailing platform.

 

Uber recently formed a strategic partnership with Refex Green Mobility to deploy 1,000 electric vehicles (EVs) across key cities in India by 2026, furthering its efforts to boost EV adoption on its platform.

 

This collaboration aligns with Uber’s global objective of providing 100 per cent emission-free rides by 2040 and reinforces the ride-hailing platform’s ongoing efforts to promote clean energy solutions. The new fleet of 1,000 EVs will be available on Uber to cater to the growing preference for sustainable mobility choices in cities.

 

As part of its broader electrification push, Uber rolled out Uber Green across Delhi, Mumbai, Bangalore, and Kolkata.