India is the largest market for Uber outside the United States and accounts for 12 percent of all trips globally.
Surpassing major Indian rivals like Meru Cabs and Easy Cabs, Uber has registered a five-fold growth in revenue to Rs 374 crore in FY16, The Economic Times reported today.
While Uber's biggest Indian rival Ola is yet to declare its numbers, Meru posted revenues of Rs 323 crore during the same period. Whereas Easy Cabs managed to clock sales of Rs 216 crore, the report added.
In FY15, Uber's registered sales of Rs 69 crore while Meru and Easy Cabs posted revenues of Rs 289 crore and Rs 263 crore respectively.
On a recent visit to India, Uber CEO Travis Kalanick said: “We are losing in India but we see a path towards profitability. We are optimistic that we will be here for the long run. The bigger thing about India is car ownership. Uber is so reliable that you don’t want to own a car.”
India is the largest market for Uber outside the United States and accounts for 12 percent of all trips globally. It runs cab-hailing service in 29 cities across the country.