SUMMARY
The ride-hailing giant launched its low-cost cab booking service Uber Go and outstation cab service Uber Intercity in Srinagar
With this, users can now book intercity rides in Gulmarg, Sonmarg, and Pahalgam through Uber
Uber India's net loss widened over 58% to INR 311.3 Cr in FY23 from INR 196.7 Cr in the previous fiscal
Ride-hailing giant Uber has expanded its India operations by entering Jammu and Kashmir. The company launched its low-cost cab booking service Uber Go and outstation cab service Uber Intercity in Srinagar on January 30.
With this, users can now book intercity rides in Gulmarg, Sonmarg, and Pahalgam through Uber, the company said in a statement.
“The launch of our operations in Srinagar marks our presence in the popular tourism hub of Jammu & Kashmir, and we are excited to serve the riders in one of India’s all-time favourite travel destinations. With the global ride-hailing app now available in Srinagar, tourists as well as locals will now find a trusted ride in and around Srinagar with a few taps on the app,” Uber’s head of supply and regional operation Shiva Shailendran Sekar said.
It is pertinent to note that the government of the union territory of Jammu and Kashmir notified the Motor Vehicle Aggregator Rules, 2023 last year, paving the way for cab aggregators like Uber to commence operations after getting a valid licence.
Joint transport commissioner of Jammu and Kashmir Vinay Samotra told The Tribune in December that Uber and its primary competitor Ola Cabs have been issued licences to start operations in Jammu and Kashmir.
In the statement, Uber said that its entry into the valley is in line with its India expansion plans. Recently, the company also partnered with the Airports Authority of India (AAI) to launch its app-based car aggregator service across Surat, Indore, Bhubaneswar, and Varanasi airports.
Last year, Uber’s global vice president for public policy, Andrew Byrne, said that the company was planning to double its presence in India by tapping into more geographies. He also said that the expansion would also lead to the company ramping up hiring in the country.
However, Uber India’s net loss widened over 58% to INR 311.3 Cr in the financial year 2022-23 (FY23) from INR 196.7 Cr in the previous fiscal. Operating revenue rose nearly 55% to INR 2,666.1 Cr during the year under review from INR 1,726.5 Cr in FY22
As of now, the company’s cabs ply on the roads of 125 Indian cities. Uber also lets users book auto rickshaws and bike taxis from its platform. The company competes with the likes of Ola Cabs, Rapido, and BluSmart.
Uber’s biggest competitor, Ola Cabs, recently claimed its India mobility business broke even with ‘segment-adjusted’ EBITDA of about INR 250 Cr in FY23 against an EBITDA loss of INR 66 Cr in the year-ago period.
