Uber India posts 54% YoY jump in FY23 revenue at Rs 2,666 crore

Its US-based parent company, Uber Inc, reported a revenue of $32 billion, up 83 percent YoY as of December 2022 and reported a net loss of $9 billion

Ride-hailing major Uber India on January 9 reported a consolidated revenue of Rs 2,666 crore in the financial year ended March of 2023 (FY23) on the back of a jump in its revenue from rides and supported services in India.

The company's revenue from rides increased 74 percent to Rs 678 crore in FY23 as against Rs 388 crore last financial year. The firm's revenue from support services was recorded at 1,977 crore, up 52 percent year-on-year (YoY), showed MCA filings sourced from data and research agency Tofler.

The company derives its revenues primarily from support services, from drivers and end users (riders) for receipt of on-demand lead generation and related services including facilitating payments from end-users.

Uber India's consolidated net loss in FY23 surged to Rs 311 crore, up nearly 59 percent, from Rs 196 crore the firm reported year in FY22. The firm's total expenses stood at Rs 3,145 crore in FY23 with a majority of the chunk going towards employee benefit expenses, which came in at Rs 2,078 crore.

Its US-based parent company, Uber Inc, reported a revenue of $32 billion, up 83 percent YoY as of December 2022 and reported a net loss of $9 billion.

Meanwhile, Uber's direct rival in India — Ola Electric — reported consolidated revenue of Rs 2,782 crore, up nearly 510 percent, in the financial year ended March 2023 (FY23) even as its net loss widened to Rs 1,472 crore on the back of an increase in expenses.