The most valuable startup in the world has put in approximately 8 million dollars into their operations here in India.
According to reports from VCCircle, Uber has approved rupees 51.64 crores for Uber India in the month of May as indicated by documents submitted to the Ministry of Corporate Affairs.
The funds have been filed separately for their operations in India and Mumbai gets the Lion’s share. Uber India Systems Private Limited located in Mumbai has got 45.2 crores from Uber International BV and Uber India Technology Private Limited has received 6.42 crores Besitz Holding BV & Mieten BV. These are Uber’s subsidiaries in the Netherlands.
The loss drawing game is still on as Uber continues to bleed great deals of money in its bid to capture and retain global markets and consumers. Bloomberg sources say that Uber’s net revenue for last year was 6.5 billion dollars and adjusted net losses were 2.8 billion dollars.
India has become an even more important market for Uber after it sold out to Didi Chuxing in China. As the single largest potential market in any country, India will see much of the 3.5 billion dollars Uber received from Saudi Arabia’s sovereign fund, the Public Investment Fund, last year.
What the taxi aggregator will do in India to secure market leadership has been murky with most of the company’s communications being about cofounder Kalanick leaving the CEO post and about patching up damages to its reputation following allegations of misogyny at the work place. The only Uber operation that seems to be making any headway is UberEATS, which recently launched its food delivery operations in Mumbai and Delhi.
In addition, Uber India’s head, Amit Jain, has defended the company’s active plans to keep expanding in India, saying their commitment to grow in India is as strong as it was when Kalanick was still at the helm. Jain is also quoted as saying that Uber India has grown both in number of rides and GMV 2.5 times over, since June 2016.