Uber India has significantly reduced its net loss for the financial year 2024 (FY24), reporting a decline of approximately 71% to INR 89 crore compared to the INR 311 crore loss recorded in FY23. The ride-hailing giant also posted a strong revenue surge, with a 41% year-on-year increase, reaching INR 3,762 crore from INR 2,666 crore in the previous fiscal year.
Revenue Boost Driven by Diversified Services
The sharp revenue growth is attributed to the expansion of Uber India’s service categories, particularly in bus and bike taxis. The strategic introduction of these new modes of transportation has helped the company expand its user base and increase its market share across urban and semi-urban regions in India. Data from Fintrackr highlights that these initiatives played a key role in bolstering revenue.
Potential Acquisition of BluSmart Under Discussion
In the middle of these financial transactions, Uber India reportedly is weighing the purchase of BluSmart, India’s first 100% electric taxi service. The purchase will be done through Uber’s fleet partner, Evera Fleet. BluSmart has been expanding quickly in the Delhi-NCR and Bengaluru markets, and the industry believes that an acquisition would be a strategic move for Uber to further establish itself in the electric mobility segment. Operating Costs See a 26% Increase
Althouh the revenue increased, Uber India’s overall expenditure jumped by 26% in FY24 to INR 3,977 crore. Out of the total revenues of the company, 21% were generated from its ride-hailing business, while the rest came from Uber BV, the global subsidiary of the company. Uber BV offers software licensing and platform-related services, which are essential in supporting the company’s Indian operations.
Expansion into New Mobility Solutions
In keeping with its global goal of multimodal transportation, Uber recently launched bus services. Through the Uber app, users can reserve seats in both private and public buses. The company has also increased its footprint in Tier-2 and Tier-3 cities by offering bike taxi services.
Some states continue to face regulatory obstacles about aggregator licensing and bike taxis. Uber has been introducing creative solutions to overcome these obstacles, such as the “Moto Women” campaign. In Bengaluru, this women-only bike taxi service was just launched to improve female commuters’ safety and convenience while giving female drivers job opportunities.
Uber India is well-positioned for future growth thanks to its strategic expansions and varied service offerings. The company may be better positioned to compete in India’s changing mobility market due to the possible acquisition of BluSmart and its growing emphasis on EV mobility and multimodal transportation.
Also Read: Rapido to Introduce Women-Only Bike Taxi Service in Karnataka
