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May 9, 2024

Uber Hits Milestone: India Becomes Third Country with Over a Million Drivers

India has reached a significant milestone in the realm of ridesharing as it becomes the third country in the world, following the US and Brazil, to boast over a million Uber drivers. This announcement came during the earnings call for the March quarter, where Uber’s chief executive officer (CEO) Dara Khosrowshahi revealed the impressive figure, according to a report in The Economic Times (ET).

Khosrowshahi emphasized the sustained growth of Uber’s audience, citing a 17 per cent increase attributed to the company’s penetration into new regions and the expansion of various use cases. He noted, “We continue to see healthy audience growth of 17 per cent due to continued penetration into new geographies and expansion of new use cases, along with consistent frequency growth.”

Back in February, Khosrowshahi expressed confidence in reaching the million-driver mark in India, highlighting the country’s thriving market and the favorable earnings opportunities for driver-partners. “There’s one other market in the world, Brazil, which has broken a million. I’m quite confident we will break that in India. The earnings [of driver-partners] here are well above the minimum wage, and it’s a flexible way to earn,” he had said.

India stands out as one of Uber’s fastest-expanding markets, with significant growth in both bookings and transactions. Khosrowshahi noted that while larger markets typically exhibit gradual growth, India is experiencing rapid expansion, making it a standout market for the company.

In the quarter ending March 31, Uber witnessed a 15 per cent surge in global revenue from the previous year, reaching $10.13 billion, including earnings from both its mobility and delivery ventures. However, the company reported a net loss of $654 million, in contrast to $157 million from the prior year. Despite this, Uber experienced a 15 per cent increase in monthly active users worldwide, totaling 149 million.

Khosrowshahi’s prepared remarks underscored Uber’s strategy to boost user growth by expanding its presence in existing core markets and entering new consumer segments.

In a move to further enhance its services, Uber signed a memorandum of understanding (MoU) with the Open Network for Digital Commerce (ONDC) in February. This collaboration aims to explore potential integration with the network to broaden the spectrum of mobility options available on the Uber app.

Expressing enthusiasm about the collaboration, Prabhjeet Singh, President of Uber India and South Asia, stated, “We are excited to take our first step through this MoU with ONDC to explore how we can accelerate our ambition to make Uber a platform for every Indian’s daily mobility needs.”

With India joining the ranks of countries with over a million Uber drivers, the company’s presence in the region is poised for further growth and innovation, promising more accessible and convenient transportation options for millions of users across the country.

Jhumpa Lahiri

Jhumpa Lahiri

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