Uber India narrowed its net loss to Rs 216 crore in FY22 from Rs 334 crore in FY21 on the back of a pick up in travel demand and easing of mobility restrictions post Covid. The narrowing of losses was also aided by a reduction in advertising spends which were down 64% to Rs 44 crore in FY22.
Overall, the company, which competes with SoftBank-backed Ola in India, saw its expenses in the year fall 13% to Rs 853 crore from Rs 985 crore in FY21. Uber’s input costs — the technology used to power its apps — increased around 10% to Rs 437 crore, up from Rs 399 crore, accounting for its largest cost. The company paid about 71% higher legal and professional fees in FY22. It stood at Rs 29 crore from Rs 17 crore in FY21.
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The increased costs were offset by a reduction of about 44% in employee benefit expenses, its second biggest cost, which reached Rs 151 crore from Rs 270 crore in FY21.
A combination of the above factors helped the San Francisco-headquartered ride hailing company to post a 7% increase in its operational revenue to Rs 397 crore in this fiscal year from Rs 370 crore that it registered in FY21.
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Overall, about 97% of Uber’s revenue came from rides while the remaining about Rs 9 crore came from providing supporting services. The company had earlier announced it would have an all-electric or emission-free fleet in India by 2040. “Globally, we have set a target that by 2040, all vehicles on the Uber platform will either be electric or emission-free. This is a goal that we are aiming for India too,” the company’s spokesperson had said earlier.