Uber India Technology, the Indian subsidiary of US-based online cab aggregator Uber, posted 52.3% increase in net profit to Rs 3.2 lakh for the year ended March 2017, according to filings with the Registrar of Companies (RoC) and data platform Tofler.
Uber India Technology, the Indian subsidiary of US-based online cab aggregator Uber, posted 52.3% increase in net profit to Rs 3.2 lakh for the year ended March 2017, according to filings with the Registrar of Companies (RoC) and data platform Tofler. The company reported a profit of Rs 2.1 lakh in FY16. Revenue from operations increased 133% to Rs 1.04 crore in FY17 from Rs 42.9 lakh in FY16.
The company’s total expenses rose 142.5% to Rs 97 lakh in FY17 from Rs 40.2 lakh in FY16.
It should be noted besides Uber India Technology, the US-based company operates another subsidiary — Uber India Systems — which provides marketing and support services. This company is yet to file its complete financials for FY17.
Uber India Systems had posted a six-fold jump in its net profit Rs 18.7 crore in FY16. 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 Rs 7 lakh on a revenue of Rs 2.2 crore. Uber in India competes against homegrown online cab aggregrator Ola, besides other taxi services such Easy Cabs, Meru and Mega Cabs.
Earlier this month, Uber’s COO Barney Harford announced the company’s plan to double its investment in the Indian market to expand its products, partnerships and technology headcount in the country.
“India is absolutely a core market, now and in the future. Uber’s success is hard coded to India’s success.We are doubling our investments in this country like never before,”Harford said. Harford added that the company’s recent deal with Grab in Southeast Asia has freed up resources to up in its investment in India. He also reiterated that while the company is open to discussions, there is no interest in doing a minority stake deal in India.
“Southeast Asia is a very different market when compared with India. While we are open to talks in India we have a leadership position, so we are not interested in any minority stake deal in India or any other market,” Harford added.
In the recent past, there have been several reports about Uber and rival Ola joining forces in the Indian market.