Uber India Revenue Zooms To Rs 21.5 Crore In 2017-18
Uber saw its revenue from India business growing manifold to Rs 21.5 crore in the financial year ended March 2018, according to documents filed with the Corporate Affairs Ministry.
The U.S.-based cab service provider, which competes with Ola in India and other international markets, posted a total revenue of Rs 1.04 crore in 2016-17.
Uber India Technology also saw a manifold jump in net profit to Rs 19.6 lakh in 2017-18 from Rs 3.22 lakh in 2016-17, showed the documents, accessed by business intelligence platform Tofler.
While Uber’s losses mounted to $1.07 billion in the September quarter, the company said it would continue to invest in Uber Eats and electric bikes and scooters businesses as well as in high-potential markets such as India and the Middle East.
“As we look ahead to an initial public offering and beyond, we are investing in future growth across our platforms, including food, freight, electric bikes and scooters, and high-potential markets in India and the Middle East where we continue to solidify our leadership position,” Uber Chief Financial Officer Nelson Chai said.