Uber India narrows net loss to Rs 216 crore in FY22; details here

Travel demand has seen a significant surge in the post-COVID period. Since the government eased the mobility restriction, travel-related businesses are trying to grab their momentum back. Amid this scenario, leading online cab service provider Uber India has managed to bring down its net loss to Rs 216 crore in Fiscal Year 22. In the pandemic-laden FY21, the company recorded a net loss of Rs 334 crore. Additionally, the advertising budget was cut by 64 percent to Rs 44 crore in FY22, which also helped to reduce losses. Uber, which competes with SoftBank-backed Ola in the Indian market had its expenses decrease by 13 percent to Rs 853 crore from Rs 985 crore in FY21. Uber’s main expense is its input costs, which represent the technology that powers its apps. It climbed by about 10 percent to Rs 437 crore from Rs 399 crore. In FY22, the company paid almost 71 percent more in legal and professional expenses. From Rs 17 crore in FY21, it was now at Rs 29 crore. Compared to FY21, it increased to Rs 29 crore from Rs 17 crore. Uber’s second-largest cost after the input expenditure, employee benefits expenses dropped by roughly 44 percent to Rs 151 crore from Rs 270 crore in FY21, balancing the costs that had increased in the previous year. The San Francisco-based ride-hailing business managed to grow its operational revenue by 7 percent to Rs 397 crore in the current fiscal year thanks to the outcome of the aforesaid reasons. The value stood at Rs 370 crore in FY21. Looking at its overall profit, Uber made roughly 97 percent of its revenue from rides, with the remainder approximately Rs 9 crore coming from supporting services. The company has previously claimed that by 2040, its fleet in India would be entirely electric or emission-free. As stated by the company’s spokesperson, “We have a goal set for the entire Uber platform to be electric or emission-free by the year 2040. We also hope for India to achieve this target.” Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.