Uber India’s revenue surges 41% to Rs 3,762 crore in FY24; net loss shrinks 71%

American ride-hailing giant Uber's India unit, Uber India, has recorded a 41.1% year-on-year increase in revenue, reaching Rs 3,762 crore in FY24, while its net losses shrank by 71.4%, signalling a more controlled financial trajectory for the Ola and Rapido rival in the country.

According to Uber India System Private Limited's consolidated financial statements, revenue from operations rose from Rs 2,666 crore in FY23 to Rs 3,762 crore in FY24.

Revenue breakdown and cost structure

Uber India's ride-hailing division accounted for 21.45% of total revenue, with collections from Uber rides increasing 18.9% to Rs 807 crore in FY24, compared to Rs 679 crore in the previous fiscal year, Entrackr reported.

The remaining revenue came from Uber BV, generated through engineering support services, back-office operations, and other support functions, billed under a cost-plus model.

Beyond operational revenue, Uber India also recorded Rs 99 crore from non-operating sources, including interest on current investments and miscellaneous income, bringing total revenue to Rs 3,860 crore in FY24, up from Rs 2,744 crore in FY23.

Rise in expenses

On the expenditure front, 67.6% of Uber India's total costs were allocated to employee benefits, which rose by 29.4% to Rs 2,690 crore in FY24, up from Rs 2,079 crore in FY23.

The company's cost of consumables for the year stood at Rs 657 crore, while expenses on legal and professional fees, advertising, rent, repairs, safety, and security contributed to an overall expenditure increase of 26.4%, reaching Rs 3,977 crore in FY24, compared to Rs 3,146 crore the previous year.

Path to profitability?

Uber India's cost discipline and revenue surge helped it reduce net losses to Rs 89 crore in FY24, down from Rs 311 crore in FY23. 

On the other hand, its main rival, Ola Cabs, reported a 5.5% decline in revenue to Rs 2,012 crore in FY24 from Rs 2,128 crore in FY23.