Global ride-hailing major Uber has infused Rs 2,921 crore (approximately $330 million) into its Indian subsidiary, Uber India Systems Pvt Ltd, as it looks to shore up its operations amid an intensifying battle for market share with homegrown rival Rapido.
The board of Uber India allotted 14.4 million equity shares at an issue price of Rs 2,022.85 apiece to its parent entity, Uber B.V., according to filings with the Registrar of Companies (RoC). The investment came in two tranches, Rs 200 crore in November and Rs 2,721 crore in January.
The capital injection comes against the backdrop of a sharp deterioration in the company’s India financials. Uber India Systems reported an 89% decline in net revenue from its ride-hailing business to Rs 88 crore in FY25, down from Rs 807 crore in FY24. Notably, gross revenue — commissions earned from rides — remained largely flat at Rs 2,604 crore during the year, suggesting the erosion in net revenue may be driven by higher incentive payouts or promotional spending to retain drivers and riders.
The urgency behind the fresh investment is underscored by Rapido’s meteoric expansion. The Bengaluru-based platform crossed Rs 1,000 crore in income in FY25 and last raised Rs 125 crore in June 2025 from Nexus Venture Partners. More recently, Swiggy exited its stake in Rapido, selling to Prosus and WestBridge Capital at over 2.5 times its initial investment.
According to industry estimates, in the four-wheeler segment, Uber India commands around 45% of the market, followed by Ola at 25-30%. Rapido, which entered the cab segment only in late 2023, has already captured upwards of 20%.
On an overall basis including bikes and three-wheelers, Rapido has overtaken Uber to become India’s largest ride-hailing platform by total ride volume, holding a roughly 50% market share compared to Uber’s 40%. Rapido dominates the two- and three-wheeler segments with over 65% market share.
Uber CEO Dara Khosrowshahi had recently acknowledged Rapido as the company’s biggest competitor in the Indian market.