Mobility

Uber's Indian fusion: Merged venture achieves EBITDA breakeven

Gaurav Tyagi

Pranav Balakrishnan

January 09, 2024 | 6 Min Read

With the pandemic well and truly in Uber’s rearview, its latest results show a company that is both enjoying a mobility revival whilst also consolidating its resources to drive greater synergies.

Key Takeaways

Uber India’s FY23 latest financials showcase a consolidated entity with a much larger revenue than in previous years
The combined entity houses not just its ride-hailing business, but also the Indian R&D operations that service Uber’s global business and a cab-leasing business, too
By merging these entities, not only does Uber India build a bigger balance sheet, but it has also gotten closer to profitability
While Uber India’s ride-hailing business has grown admirably, it remains minuscule compared to Uber’s global markets

Uber India’s results for the year ended March 2023 are out and the ride-hailing giant’s latest numbers make for an interesting read. Not only because we’re finally seeing the true picture of the company’s post-pandemic resurgence but also the structural changes the San Francisco-based company has made to its India business.

In its latest filings with the Ministry of Corporate Affairs, Uber India’s revenues stood at Rs 2,666 crore. In the year prior, the company’s operating revenues amounted to just Rs 396 crore. This significant jump in revenue, though, was not solely due to the post-pandemic resurgence of the mobility sector, but a result of amalgamating multiple entities which were being accounted separately by Uber in India.

Earlier, Uber India System Private Limited largely only housed the ride-hailing entity. Now, it has been merged with Uber India Research and Development Pvt Ltd and Xchange Leasing India Pvt Ltd, propelling its revenues over Rs 2,500 crore. While the former provides services to its parent company abroad, the latter is in the business of leasing cabs to drivers.

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