The Mumbai-based cab leasing arm of Uber, Xchange Leasing India Pvt. Ltd, reported a revenue of $10.7 Mn (INR 69.7 Cr) for FY17.\r\n\r\nAccording to the filings with Registrar of Companies (RoC) accessed by Inc42, the company posted a net worth of $37.7 Mn (INR 244.7 Cr) in the last fiscal. Compared to that, in FY16, the company posted a revenue of $39K (INR 25.4 Lakh).\r\n\r\nEarlier, in June 2016, it was reported that Uber had invested $6.4 Mn (INR 43 Cr) in Xchange Leasing India Pvt. Ltd between January and March. Later between June and September of 2016, Uber reportedly poured around $30 Mn (INR 200 Cr) in its Indian cab-leasing business.\r\n\r\nThe development comes less than two months after the global cab aggregator sold the active portfolio of its US-based cab leasing arm to online marketplace Fair. With this, Fair became an exclusive partner of Uber for leasing services to drivers in the US, who want to lease a car for 30 days or more.\r\nUber Xchange Leasing In India\r\nUber\u2019s leasing business was launched globally in 2013 but Xchange Leasing came to India only in December 2015. The global, as well as the Indian arm of Xchange Leasing, are led by Mohd. Akbar Khan as the Common Director, and it also operates with Uber in the US and South Africa.\r\n\r\nAccording to earlier reports, Uber drivers have to pay $462-$539 (INR 30,000 \u2013 INR 35,000), to be part of the leasing programme and are then required to make monthly lease payments with an option to own the vehicle after three years.\r\nOla Follows With Its Leasing Programme\r\nFollowing Uber\u2019s footprint, its Indian rival Ola began its leasing programme, Ola Fleet Technologies in September 2015. For this, the company acquired Gurugram-based radio taxi service GCabs and renamed it to Ola Fleet Technologies. At the time, the company had announced that it would invest $770 Mn (INR 5,000 Cr) in its leasing arm, along with its partners.\r\n\r\nIn March 2017, the company invested about $7.5 Mn (INR 50 Cr) in Ola Fleet Technologies. This was followed by another investment of about $15.5 Mn (INR 100 Cr) in July 2017.\r\n\r\nAt present, both the companies have been locked in a battle to mark their foothold in the country. However, as Uber is increasingly focussing on the Indian market, Ola has been expanding its international services.\r\n\r\nOla recently launched its operations in Sydney, as its pilot project continues in Perth. Recently, the reports also surfaced that Ola is in talks with Singapore\u2019s sovereign wealth fund Temasek and other investors to raise another $500 Mn to $1 Bn in funding.\r\n\r\nDespite setbacks, Uber has remained committed to India, which was reiterated by its CEO Dara Khosrowshahi during his recent visit to India.\r\n\r\nAs per data from the consulting firm RedSeer, the gross booking value of companies in the local ride-sharing space increased to $2.1 Bn in 2017 from $1.5 Bn in the year before. The Indian online mobility market, which encompasses cab aggregator and auto hailing segments, contributed over 15% of the industry\u2019s overall gross book value (GBV) in 2017.\r\n\r\nAs the companies continue their battle in India, with the revenue posted by Uber\u2019s leasing arm Xchange Leasing India, whether Ola Fleet Technologies will be successful in surviving the competition remains to be seen.