Uber India Systems earned Rs 533 crore in revenues for the year ended March 2018, reports the Economic Times, a 30% increase from revenues of Rs 410 crore for the year ended March 2017. Its net profit was up 39% to Rs 26 crore in FY18.
Last year (unclear if 2017 or 2018), Uber India had a 10% increase in revenues due to a ban on surge pricing in Karnataka and Delhi, the report added. Uber India Technology, which services Uber India Systems, showed sales of Rs 21.5 crore, and a profit of Rs 20 lakh in the previous financial year.
At the same time, Uber India’s revenue grew to Rs 21.5 crore in FY18, a 20x increase from Rs 1.04 crore in FY17. Uber India saw net profit of Rs 19.6 lakh in this fiscal, compared to Rs 3.22 lakh in FY17. The company said it would continue investing in Uber Eats and the electric vehicles business, and high-potential markets such as India and the Middle East.
Earlier this month, Uber said that it would double its headcount in India, with focus on the engineering team, by increasing its Bangalore and Hyderabad teams to 1,000 people in the next 12 months.
Our Uber coverage.
OLX has reported Rs 179.26 crore in total income, up 93.6%, in FY18, reports Inc42. Its total expenditure was Rs 155.2 crore, also up 93.3% YoY from Rs 80.25 crore. Its profit before tax was Rs 24 crore, up 95% from Rs 12.29 crore in FY17. Profit after tax was Rs 15.6 crore, while employee benefits expenses were at Rs 104.42 crore, up by 108%, according to the report.
Earlier this month, OLX acquired jobs platform Aasaanjobs for an undisclosed amount to pad its recruitment vertical. Aasaanjobs was founded in 2014 and is a portal for blue and grey-collared jobs, available in several Tier I (Mumbai, Delhi, Pune) and Tier II cities (Agra, Bhopal, Lucknow).
It claims to have 330 million users worldwide, and operates under Avito, dubizzle and letgo among others, which are classifieds platforms in Russia, UAE, and the US respectively.
Our OLX coverage.