Uber has made a substantial investment of nearly Rs 3,000 crore (approximately $330 million) into its Indian subsidiary, Uber India Systems Pvt Ltd, as it faces escalating competition in the ride-hailing market, particularly with the rapid growth of competitor Rapido.
The board of Uber India issued 14.4 million equity shares at a price of Rs 2,022.85 each, raising Rs 2,921 crore as per filings with the Registrar of Companies (RoC). This investment from Uber B.V. was split into two installments, with Rs 200 crore in November and Rs 2,721 crore in January.
Despite a significant 89% drop in net revenue from ride-hailing to Rs 88 crore in FY25, Uber India Systems reported flat gross revenue of Rs 2,604 crore. In comparison, Rapido saw rapid growth, surpassing Rs 1,000 crore in income in FY25 and expanding its market share.
Uber India Systems currently holds an estimated 45% market share in the four-wheeler ride-hailing sector, with Rapido capturing over 20% after entering the segment in late 2023. Rapido has emerged as the largest ride-hailing platform in India by the total number of rides, securing a 50% market share, while Uber trails at 40%.
Source: Entrackr : Latest Posts