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Uber India drives off with $1.6 billion in bookings

India is Uber’s only major market in Asia after it sold its operations in China, Russia and eight other countries across Southeast Asia.

ET Bureau|
Dec 06, 2018, 08.45 AM IST
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NEW DELHI: Uber, which has identified India as a priority market, has touched annualised bookings rate of $1.64 billion in the third quarter, according to a report by CNBC. The report quotes an internal email from Uber’s India head Pradeep Parameswaran to CEO Dara Khosrowshahi and CFO Nelson Chai among other executives.

India is Uber’s only major market in Asia after it sold its operations in China, Russia and eight other countries across Southeast Asia. The email, according to the report, said that India now accounts for 11% of all the San Francisco-based ride-hailing firm’s trips across the world.

The number however, indicates only gross bookings and not actual revenue for Uber or its profits, if any. Parameswaran, who joined Uber in January 2017, took over as President of India and South Asia for the company in June this year. Parameswaran said that Uber will close the year in its “strongest position ever - as the ride-sharing leader in India.”

He said the company doubled its engineering team as of the third quarter and plans to double again next year in its two big hubs of Bengaluru and Hyderabad.

According to the report, the email said that the India business increased by 1.5 million new users through Uber Lite, a stripped-down version of the app, which works in low-network areas. He also said that Uber Eats grew sevenfold over the past four months, capturing almost 20% of the India market in just 18 months. Uber India declined offer comment on the story since the email was part of an internal communication.
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