Uber India narrows losses to Rs 89 crore in FY24, revenue up 41%

Uber

Uber India narrowed consolidated net loss by around 71.1 percent in FY24 to Rs 89 crore, even as its operating revenue surged 41 percent to Rs 3,762 crore, driven by strong demand and expansion into categories such as bus and bike taxis.

In FY23, Uber India clocked a revenue of Rs 2,666 crore and a net loss of Rs 311 crore, data accessed from Fintrackr shows.

The numbers come amid reports of the the ride-hailing firm planning to acquire BluSmart through its fleet partner, Everest Fleet. BluSmart, India’s all-electric cab service, has been expanding aggressively in the EV mobility space, particularly in Delhi-NCR and Bengaluru.

Also Read: BluSmart seeks a buyer: What’s next for one of India’s oldest EV ride-hailing startups?

Industry experts believe that the potential acquisition would mark Uber’s strategic move to strengthen its position in the electric mobility segment while leveraging BluSmart’s expertise and infrastructure.

Uber India's total expenses stood at Rs 3,977 crore, a 26 percent increase from FY23. Around 21 percent of the revenue came from its ride-hailing business, while the remaining was contributed by Uber BV, the firm’s global subsidiary that provides technology and support services to Uber India.

Uber BV’s earnings typically include platform-related fees, software licensing, and other cross-border services that the Indian arm relies on to operate its ride-hailing network.

Uber's foray into bus services aligns with its global push towards multi-modal transportation, allowing users to book seats on private and public buses through its app. Its bike taxi operations have helped the company cater to last-mile connectivity, particularly in tier-2 and 3 cities where two-wheeler ride-hailing is gaining popularity.

Also Read: Uber India gets aggregator licence to operate buses in Delhi

Despite regulatory challenges in some states regarding bike taxis and aggregator licensing, Uber has managed to launch newer features within the bike-taxi segment. The firm recently launched "Moto Women", a women-only bike taxi service in Bengaluru, aiming to enhance safety and convenience for female riders while creating flexible earning opportunities for female drivers.

Also Read: Uber launches women-only bike taxi service 'Moto Women' in Bengaluru