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 total revenue of Rs 1.04 crore in 2016-17. Also Read - Uber cab service resumed in 31 cities in India with new Lockdown 4.0 guidelines
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. Also Read - Uber launches 'Uber Connect' package delivery service to rival Dunzo and Swiggy Genie
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. Also Read - Uber to operate 'Essential' cab service to hospitals and pharmacy stores in 4 cities
“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.
Besides, IANS recently reported that “Uber has entered into the second phase of its partnership with Delhi Metro Rail Corporation (DMRC) to set up kiosks in 50 more metro stations by the first half of 2019. The first phase of the partnership between Uber and DMRC, which is aimed at improving first-mile/last-mile connectivity for the riders, kicked off recently where kiosks were set up at Sikanderpur, Dwarka Sec-21 and Rajiv Chowk metro stations.”