Uber India made INR 679 crore from rides in FY23, losses up over 57%
NEW DELHI — Ride-hailing major Uber’s losses went up more than 57 per cent in India to INR 311 crore in the fiscal year (FY) 2023 from INR 197 crore in FY22.
Uber India registered a 54.4 per cent increase in its revenue at INR 2,600 crore in FY23, reports Entrackr, citing its consolidated financial documents.
Rides on the platform accounted for 25 per cent of the total operating revenue in the country, which increased by 75 per cent to INR 679 crore in FY23.
The income from business support services, offered to parent company Uber in the US, increased by 52.5 per cent to INR 1,977 crore during FY23, according to the report.
The company’s structure in India changed in FY23 where Uber India Systems Private Limited (UISPL) merged with UIRDPL (Uber India Research and Development) and XLI (Xchange Leasing India), according to the report.
Uber India’s employee benefits expenditure surged 56.4 per cent to INR 2,079 crore in FY23 from INR 1,329 crore in FY22 (including INR 668 crore as ESOP cost).
Indians travelled 64 million kms in Uber EVs in 2023, spending a total of 3.9 million hours and helping build a greener future.
Uber trips during the year covered a record 6.8 billion kms, enough to traverse the entire 6.37-million km road network in India more than a thousand times over, or nearly thrice daily.
The cities with the highest number of Uber trips in 2023 were Delhi-NCR, Bengaluru, Hyderabad, Mumbai, Pune, and Kolkata, according to the company.
The ride-hailing company is currently testing its flexible pricing service in several tier 2 and 3 cities in India to expand its user base, allowing commuters to bid a particular fare for their ride.