Uber India sees massive revenue growth in 2017-18

MUMBAI: US-based cab-hailing platform, which competes with brands like Ola, Uber has shown an impressive revenue growth from its India business in the fiscal-ended March 2018. As per its filings with the ministry of corporate affairs, Uber has recorded revenue of Rs 21.5 crore in the fiscal a massive rise from Rs 1.04 crore in 2016-17.

According to filings accessed via business intelligence platform Tofler, Uber India Technology also witnessed a manifold rise in its net profit, recorded at Rs 19.6 lakh in 2017-18 as compared to Rs 3.22 lakh in 2016-17.

Though the company accumulated losses of $1.07 billion in September 2018 quarter, it is still willing to invest in Uber Eats and electric bikes & scooters businesses as well as in high-potential markets such as India and the Middle East.