Uber India drives to massive success, profit soars 6x to Rs 18.7 cr

By: and | Published: December 10, 2016 6:22 AM

Uber India Systems, the India business of US-based online taxi aggregrator firm, posted a six-fold jump in its net profit at Rs 18.7 crore in FY16, according to the company's filing with Registrar of Companies (RoC). During the period, revenues increased five-fold to Rs 375 crore.

Uber India Systems, the India business of US-based online taxi aggregrator firm, posted a six-fold jump in its net profit at Rs 18.7 crore in FY16, according to the company’s filing with Registrar of Companies (RoC). During the period, revenues increased five-fold to Rs 375 crore.

In its first year of operations in FY14, Uber India Systems had made a profit of R7 lakh on a revenue of R2.2 crore. An email sent to Uber India, did not elicit any response till the time of going to the press. Uber, in India competes against home-grown online cab aggregrator Ola, besides other taxi services such Easy Cabs, Meru and Mega Cabs.

On Thursday, the founders of two-home grown internet firms Sachin Bansal of Flipkart and Bhavish Aggarwal urged the government to take protectionist measures against global giants like Amazon and Uber, accusing these foreign firms of dumping capital to buy customers in order to monopolise the respective markets.

In June this year, Uber said that it will invest a substantial part of the $3.5-billion fund which it had raised from Saudi Arabia’s sovereign wealth fund. At the time Uber had raised $3.5 billion from Saudi Arabia’s sovereign wealth fund, at a valuation of $62.5 billion.

According to several media reports, Amit Jain, president, Uber India said that a substantial portion will be for India. “We have grown exponentially over the last two years and remain bullish on the Indian market where we continue to register remarkable growth,” he added.

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