Uber is one of the biggest cab-hailing companies in the world. It has been so for a long time and there are many other businesses it is now venturing into. The taxi business all over the world has become stagnant as there are not many developed or developing countries that are deprived of Uber. It has become a global company and India still its largest foreign market. Like many other global companies, India is a market which always open to new technologies and opportunities.
Uber India is also one of the biggest contributors to Uber’s worldwide business. It has managed to grow rapidly since it entered the market a good 6 or 7 years back. However, it has had to fight an Indian counterpart which has given Uber a run for its money in the India market. Ola ate up a lot of market for Uber India as it could have been the only competitor in this business in India but Ola stepped in and shared the market.
This has hampered Uber’s growth in the country. If not for Ola, Uber would have had a monopoly in the country as there are zero to no cab aggregators in the country. That said, Uber India and Ola fight it out on a daily basis even if the cab business in India has become stagnant, both the companies entered a new turf in food-tech. Ola bought Foodpanda while Uber aggressively entered the business with UberEats. Although Ola has now entered new markets in Australia, New Zealand, and also the United Kingdom.
That said, Uber India has managed to grow its revenue 20 times from a year earlier and the profits have also been on the rise. In the Financial Year of 2017, Uber India recorded revenue of $147.79k which is around INR 1.04 Cr. This revenue has risen to around $3.05 million which is approximately INR 21.5 Cr in the Financial Year of 2018. That said, a year before last year, Uber India recorded a profit of $4,537 around INR 3.2 lakhs, while in the Financial Year of 2018, it recorded around $27,854 (INR 19.6 lakhs). The growth in profit is around 512%.
Given the rise in profit in India and the company’s popularity around the world, Uber quietly applied for global IPO. It has also announced that it is going to increase the engineers in India and is also going to double up on the headcount in the products department. The tech centers which are going to have all these employees are situated in Hyderabad and Bangalore. Uber India has made around $1.64 billion bookings annually which is around INR 11, 651 Cr.