Online mobility platform Uber India experienced a 41.1% increase in revenue year-over-year, exceeding Rs. 3,700 crore for the fiscal year ending March 2024. Nevertheless, despite this growth, the company managed to reduce its losses by 71.4% during the same timeframe.
As per the consolidated financial statements of Uber India System Private Limited, its operational revenue rose to Rs. 3,762 crore in FY24, up from Rs. 2,666 crore in FY23. In terms of revenue sources, income from Uber rides (ride-hailing) represented 21.45% of the total operating revenue, increasing by 18.9% to Rs. 807 crore in FY24 from Rs. 679 crore in the previous year (FY23). The remainder of the revenue was generated through Uber BV, which provided engineering support services, back-office operations, and other assistance billed under a cost-plus model.
Additionally, the company earned Rs. 99 crore from interest on current investments and other miscellaneous (non-operating) sources, bringing the total revenue to Rs. 3,860 crore in FY24, a rise from Rs. 2,744 crore in FY23. According to its consolidated statements, Uber India allocated 67.6% of its total costs to employee benefits, with this expense increasing by 29.4% to Rs. 2,690 crore in FY24, compared to Rs. 2,079 crore in FY23. The cost of consumables stood at Rs. 657 crore in the last fiscal year (FY24).
Expenditures for legal/professional fees, advertising, rent, repairs, safety security, and other overheads contributed to an overall increase in expenses by 26.4% to Rs. 3,977 crore in FY24, up from Rs. 3,146 crore in FY23. Uber India's strong growth of over 40% and managed expenses resulted in a shrinkage of net losses by 71.4% to Rs. 89 crore in FY24, in contrast to Rs. 311 crore in FY23. On a per-unit basis, the company spent Rs. 1.06 to earn each rupee in FY24.
While Uber India continues to operate similarly to a mid-tier software company with low margins, alongside a segment that hampers its performance (the cab services), it seems to be nearing profitability, particularly if it successfully acquires Blusmart mobility, according to various reports.
