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Old 6th December 2018, 17:21   #1
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Default Uber's India business reaches Rs. 11,623.5 crore

According to a media report, Uber India reached annualized bookings of Rs. 11,623.5 crore in the third quarter. The company has also doubled its engineering team in the country.

Uber's India business reaches Rs. 11,623.5 crore-uberimage.jpg

Uber failed to catch on in big emerging markets like China and Southeast Asia, but India has been an exception. In 2016, Uber sold off its China unit to Didi Chuxing for a 20% stake. In March 2018, the company sold its business in 8 countries in the Southeast Asia region for a 27.5% stake in Grab.

India is the last remaining market in Asia where the company has survived. It accounts for 11% of all the trips made by Uber across the world. In terms of revenue, it amounts to 23% of gross bookings in the third quarter. With the introduction of Uber Lite, it is reported that 15 lakh new users joined the platform.

Uber's India unit includes ride-sharing and Uber Eats, which has seen significant growth in the past 4 months. Uber Eats has around 20% market share.

Source: CNBC

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Old 3rd January 2019, 11:45   #2
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Default Re: Uber's India business reaches Rs. 11,623.5 crore

Uber India revenue zooms to Rs 21.5 cr in FY18

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Uber, which competes with rival Ola in India and other international markets, had posted a total revenue of Rs 1.04 crore in 2016-17.


Uber India revenue zooms to Rs 21.5 cr in FY18
US-based cab-hailing platform Uber saw its revenue growing manifold from India business to Rs 21.5 crore in the fiscal ended March 2018, according to documents filed with the corporate affairs ministry.

The company, which competes with rival Ola in India and other international markets, had posted a total revenue of Rs 1.04 crore in 2016-17.

Uber India Technology, which operates the on-demand cab service in the country, also saw manifold jump in net profit to Rs 19.6 lakh in 2017-18, compared with 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 2018 quarter, the company had said it would continue to invest in Uber Eats and electric bikes & scooters businesses as well as in high-potential markets such as India and the Middle East.

"As we look ahead to an IPO (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 had said.
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Old 22nd January 2019, 13:55   #3
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Default Re: Uber's India business reaches Rs. 11,623.5 crore


Uber's India unit posts 30% revenue jump to Rs 533 Cr in FY18

Uber India Systems, which provides marketing and support services to Uber, posted revenues of Rs 533 crore for the year ended March 2018, against Rs 410 crore in the previous year, according to its filing with the Registrar of Companies (RoC).

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Uber's main rival Ola, run by ANI Technologies, is over twice as big in sales but has been posting huge losses - it had net loss of Rs 4,897.8 crore on revenues of Rs 1,380.7 crore in FY17. It has not filed its numbers for FY18. In comparison, Uber's Indian unit has been profitable since the first year of operations - net profit rose 39% to Rs 26 crore during FY18.

Both Ola and Uber have drastically cut driver incentives which affected the supply pool, and in turn, led to higher surge pricing.

Uber competes with home-grown startup Ola in the food delivery space in India too. Ola acquired Foodpanda in December 2017 to take on UberEATS in the Indian market.
Quote:

"As these companies move towards profitability, they will look at areas where they can get higher earnings. There is already a bit of rationalisation in the pool segment. There could be a possibility of lower discounting as they move towards higher margins growth which in turn has led to supply issues already," said Ujjwal Chaudhry, associate director, RedSeer Consulting.

On an average, 5% of gross merchandise value for cab-hailing app companies goes as rider incentive and another 12% for drivers. With about 20% commission from drivers, most companies are 3% positive on a net basis, said industry officials.

Uber India Technology, a service provider to the flagship company, had sales of Rs 21.5 crore and profit of 20 lakh last fiscal.
India's taxi market, estimated at more than $10 billion, is still largely unorganised even as aggregator services backed by technology and increased smartphone usage are fast changing the contours of the segment. Taxi owners and cab companies are also looking for ways in which they can compete with the aggregators.

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Old 23rd January 2019, 14:04   #4
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Default Re: Uber's India business reaches Rs. 11,623.5 crore

I'm confused. Title says 11,623 crores and the article says 21.5 crores? Am I mis-reading something? The currency?

And the last article says 500 crores?
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Old 23rd January 2019, 18:22   #5
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Default Re: Uber's India business reaches Rs. 11,623.5 crore

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Originally Posted by Nikhilb2008 View Post
I'm confused. Title says 11,623 crores and the article says 21.5 crores? Am I mis-reading something? The currency?

And the last article says 500 crores?
I was confused too

The actual scenario seems to be

Uber India - Total Bookings 11,623 Cr
Uber India - Total Profit 533 Cr

The 21.5 Cr article of Economic Times is confusing
It doesn't refer to Uber India,
It actually refers to - Uber India Technology
(a service provider to the flagship company) which had sales of Rs 21.5 crore


Quote:
Originally Posted by TusharK View Post
Uber India reached annualized bookings of Rs. 11,623.5 crore in the third quarter.
Uber India - Total Bookings 11,623 Cr

Quote:
Originally Posted by JS Kwt View Post
Uber India posted revenues of Rs 533 crore for the year ended March 2018
Uber India - Total Profit 533 Cr

Quote:
Originally Posted by JS Kwt View Post
Uber India Technology, a service provider to the flagship company, had sales of Rs 21.5 crore and profit of 20 lakh last fiscal.
Economic Times added this information in its next article to clear the confusion

Last edited by JS Kwt : 23rd January 2019 at 18:45.
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Old 24th January 2019, 07:24   #6
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Default Re: Uber's India business reaches Rs. 11,623.5 crore

Ok, now it makes sense. Uber drivers basically earned the bulk of that 11k crores and Uber's commission was something and then their profit was 533 crores.
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