One of the world’s leading car rental aggregator Uber has closed its revenue generation to Rs. 374 crores in Uber India main office reported the increase in revenue and that too by 442% subsequently sharing the four-fold success in its third year of operations in India. In fact, the India office is considered as the second largest main operation platform after U.S. in its home-country.
Uber Support System which provides marketing and support services to the conglomerate recorded a four-fold high jump in the fiscal year ending 2016-17 which was mere one fold jump during the fiscal year of 2015-16. Last year, the company recorded revenue to Rs. 69 crores wherein this year it stood at Rs. 374 crores, an amazing and unbelievable jump in the one-year time span. The statement was recorded during the filling at the Registrar of Companies (RoC), here, in Mumbai, on Friday.
The US-based taxi aggregator has not yet filed its latest profit details but the rapid growth in line is simply massive along with the huge scale of investments it has been making from past 2 years. In fact, the firm’s co-founder vowed to double the investment if the returns would be 5 times in the next two years. The investment amount of 1 billion USD is still in waiting.
Operating in almost 30 cities across the nation, it has focused primarily on expanding in the existing locations rather than increasing the number of cities. Although, the firm plans to scatter in 6 to 7 more cities, but right now, expanding in the existing location would be more beneficial. Unlike, its prime competitor Ola, which has already engaged itself in almost 100 cities, plans to expand its business geographically in a gradual manner.
In an interview with Economic Times, Amit Jain, “Uber President for South Asia and India, Uber currently accounts for only about 1% of the total rides in the cities where it has operations with a bulk of the business coming from the top ten cities. Our focus continues to be the core area of cars and growing that in the cities we already exist in. “
Last year, when it officially pulled off its operations from China by selling Uber China to Didi Chuxing, the prime focus of the firm is now on Uber India as it wishes to scale up the operations with the perfect intention of making it the largest market. The company opened a customer support centre in Bengaluru so as to strengthen its physical presence in the country.