India (Commonwealth) _ The 2024 India Economic Impact Report, which was created by the research firm Public First, was released by Uber, a well-known ride-hailing app in India. Uber’s initiatives in India’s on-demand economy are highlighted in the study.
After operating in the nation for more than ten years, Uber has modified its offerings to accommodate a range of travel requirements, from bus services to intercity travel and local commutes.
Uber’s Moto and Auto services have become essential to India’s transportation infrastructure as two- and three-wheeler transportation grows in popularity for last-mile connections. Uber’s place in the larger transportation ecosystem is reflected in the estimated Rs 36,000 crores in economic activity that these services would provide in 2024.
By linking people to jobs and other possibilities, these services promote economic growth and provide comfortable commute options. Uber appears to have a greater economic impact by providing employment opportunities. According to estimates, Uber driver-partners will earn 60% more in 2024 than other jobs.
Furthermore, it is anticipated that Uber Auto and Moto services will generate Rs 36,000 crores in revenue over the course of the year. According to 70% of users, Uber has improved their local experiences by making it simpler for them to check out new eateries and entertainment places.
Uber claims to make 24% more money than people who don’t use its platform. Additionally, according to 65% of drivers, Uber has made it easier for them to find employment. 84% of women believe that Uber is the safest way to travel home, and 95% of female riders say that safety is the main reason they use the service. According to the company, 84% of Indian users say the app has improved the quality of transportation in their cities, demonstrating its contribution to increased urban mobility.
According to the survey, 74% of Delhi’s commuters say they prefer electric vehicles, and 56% say they would be prepared to pay more for an EV option, addressing the city’s traffic and pollution problems. According to Uber, 80% of users in Bengaluru think that the service has sped up travel times, and 93% of users consider time savings to be a major advantage of utilizing it.
In response to the report, Prabhjeet Singh, President of Uber India and South Asia, said that the company is committed to enhancing mobility options and is still a contributor to economic growth. He emphasized how the platform helps promote sustainable transportation options, improve rider experiences, and assist drivers.
Uber Technologies, Inc. is a transnational transportation firm based in the United States that offers ride-hailing, courier, food delivery, and freight transportation services. With its headquarters located in San Francisco, California, it works in 10,500 cities across over 70 countries. With more than 150 million monthly active users and 6 million active drivers and couriers, it is the biggest ridesharing firm in the world.
Since its launch in 2010, it has facilitated 47 billion travels, with an average of 28 million trips every day. The company’s take rate, or revenue as a percentage of gross bookings, was 18.3% for food delivery and 28.7% for mobility services in 2023.
Uber has faced criticism and legal problems due to its classification of its drivers as independent contractors or gig workers, which permits the business to deny worker rights that it would have been obligated to offer to its employees.
According to studies, Uber increases reliance on cars, decreases the use of public transportation, increases traffic congestion, and has no discernible effect on car ownership, particularly in cities where it competes with public transportation. Uber has also been associated with other scandals involving unethical actions like aggressive lobbying and disregarding or avoiding local laws.
A document dump exposing contentious activities under Travis Kalanick’s leadership from 2013 to 2017 exposed some of these practices. Uber invested $225 million in the business in February 2018 and merged its operations with Yandex.Taxi in Russia, Armenia, Azerbaijan, Belarus, Georgia, and Kazakhstan. Uber and Grab combined their Southeast Asian services in March 2018 in exchange for a 27.5% ownership stake in Grab.
Uber paid $3.1 billion to acquire Careem in January 2020 and sold its Uber Eats business in India to Zomato. From 2014 until 2022, Uber reported losses of hundreds of millions or billions of dollars annually, with the exception of 2018, when it sold its shares in competing companies to quit the Russian, Chinese, and Southeast Asian markets.
Uber had $24.03 billion in liabilities and US$32.11 billion in assets by the end of 2022. Uber reported $1.88 billion in operating earnings in 2023, following $31.5 billion in operating losses since 2014.
