Uber India’s FY22 Revenue Increases 7%, Loss Narrows Post Lockdown

Uber India slid its lockdown losses and picked up its mobility business with a 7.1 per cent increase in its profit. The mobility platform narrowed its net operating loss of Rs 216 crore for FY 2022 compared to its last year's net loss of Rs 334 crore for FY 2021.

The company’s reported operational revenue came from the ride-hailing verticals of Rs 388 crore as on March 2022, a total 30 per cent rise from Rs 298 crore in the financial year 2021.

The hailing business bounced back after narrowing its two major expenditures to be mentioned, employee benefit expenses and advertising and promotional expenses.

Uber reported employee benefit expenses of Rs 151 crore in FY 2022, against Rs 270 crore in FY 2021 and advertising and promotional expenses of Rs 44 crore in FY 2022 against 121 crore in FY 2021.

Coming to its total annual expenditure, Uber India the mobility platform declined its expenditure by 13.4 per cent, Rs 853 crore in FY 2022 as compared to Rs 985 crore in FY 2021. These controlled expenses have helped the company to improve its cash flow operations by 72 per cent, Rs 222 crore during FY 2022.

Meanwhile, Uber's business profit is likely to trigger its competitors including Ola Cabs and Rapido. Reports even claim Uber India’s future business endeavour may include a potential merger or sale with the Indian ride-sharing multinational company Ola, both companies denied these reports.

Overall, as per estimated reports 97 percent of Uber's revenue comes from rides and the remaining three per cent comes from its other supporting services.

On a future front the company aims to have an electric, emission free fleet globally with a set target by 2040.