Despite 2022 being less than kind to numerous startups and companies across the globe, there have been some who have clocked decent performances in the period. Uber India’s ride-hailing business is one of them, as it seems to have narrowed its losses and managed a decent 7% revenue uptick for the fiscal year ending March 2022.
Once lockdowns and restrictions on mobility were finally eased as people took to the streets once more, Uber India saw its mobility business rise once more and clock a better performance in the post-pandemic period. For FY22, it narrowed its loss by 35% to ₹216 crores – a drop from the ₹334 crores it lost in FY21. Its cash outflows from operations also clocked a rise of by 72% to reach ₹222 crores during FY22, while its EBITDA margin amounted to -44.77% for the same period.
Moreover, according to its financial statement with the Registrar of Companies (RoC), the revenue of Uber India Systems, which owns and operates the local entity, saw a growth of 7% year-on-year (YoY) to ₹397 crores. This is a rise from the ₹370 crores it pocketed in revenue for the previous fiscal year. A majority of the revenue – ₹388.23 crores – was received from its ride-hailing business (which rose by around 29.5%), while revenue from support services made up the remaining ₹8.72 crores (an annual drop of 87%). This bodes well for Uber India’s ride-hailing service, especially since it aims to reach its goal of operating an all-electric fleet in the country by 2040.
This growth in revenue and narrowing of losses come alongside a drop in Uber India’s expenses for the year – they dropped from ₹985 crores in FY21 to ₹853 crores in FY22 and marked a fall of 13%. Most of the costs (51% of the total costs) can be attributed to its input costs – which rose by 10% to reach ₹437 crores and exceed the ₹399 crores in input costs in FY21. It also clocked a drop in employee-benefit expenses – a drop of about 44% YoY – which fell from ₹270 crores in FY21 to ₹151 crores in FY22.
Employee-benefit expenses turned out to be the second-biggest area in Uber India’s expenses for the quarter, closely followed by advertising and promotional expenses (₹44 crores), rent and utility costs (₹36.28 crores), legal and professional fees (₹28.84 crores), and other expenses (₹155.88 crores). Its expenditure on advertisements and promotions also dropped by 64% YoY from ₹121 crores in FY21.
