Uber has zoom past Meru, Easy Cabs
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Uber has managed to overtake Indian rivals like
According to a filing with the Registrar of Companies (RoC), Uber’s revenues in India grew over fivefold to Rs 374 crore in 2015-16, while Meru posted revenues of Rs 323 crore during the same period. Easy Cabs, on the other hand, clocked sales of Rs 216 crore. Uber's biggest Indian rival Ola is yet to declare its numbers.
Just a year ago, both these rivals were four times bigger than Uber in India. In 2014-15, Meru had revenues of Rs 289 crore while Easy Cabs posted sales of Rs 263 crore.Uber's sales, in comparison, stood at Rs 69 crore.
Uber has already committed $1 billion and the firm's cofounder
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Vij claimed the company's car rental business grew on an average of 21-22% and it had a profit margin of around 30%. "We are not buying business like some others; we are doing a sustainable business and our operations are continuously growing, it is profitable. That's the difference between our business and theirs," he said.
"Right now the industry is talking about Rs 3,500-4,000 crore losses individually for some taxi players. It kind of creates a different market where they can buy the market share through capital. But, we are not in that game," he told ET.
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