Uber India's valuation soars, outpaces rivals
Shares of Uber India Systems were valued by the parent at ₹2022.85 apiece in a November funding, a 41% rise from May 2023.
BENGALURU : The Indian unit of US-based Uber Technologies Inc. has seen the value of its privately held shares surge by more than 40% in the last two years as it cemented its position as India’s largest cab aggregator, ahead of Ola Consumer and Rapido.
Shares of Uber India Systems Pvt. Ltd, the main operating entity of Uber in India, were valued by the parent at ₹2,022.85 apiece when it pumped in ₹200 crore through the equity route in November, according to a Mint review of its filings with the ministry of corporate affairs.
That was nearly a 41% increase from the ₹1,438.9 per share value the company had considered when pumping in ₹82 crore in May 2023 through the equity route.
Uber has edged ahead of Ola Consumer even as upstart Rapido is trying to gain share in India’s cab aggregator market. According to an industry executive privy to market share estimates, Uber hovers at around 45%, while Ola’s has dropped to 25-30% from 42-44% in FY24.
Uber shares in India are mainly held through three entities—Uber BV and Uber International Holding BV and Uber International BV—which owned about 98% of the company as of March 2024. The company’s India revenue had surged by 41% to ₹3,761 crore in fiscal year 2024 (FY24), while its losses narrowed to ₹89 crore from ₹311 crore a year earlier.
Uber India has yet to file results for the financial year 2025. The company did not respond to Mint’s query.
Uber India’s growing valuation contrasts with a markdown in Ola Consumer’s valuations earlier this year. US-based asset management company Vanguard, an investor in Ola’s parent ANI Technologies, slashed its valuation to $1.25 billion, a steep decline from a peak of $7.3 billion.
As Uber India has not raised money from external investors, its market-based valuation cannot be determined. Given the company's own valuation markup, it would likely seek to attract a significant premium from external investors if it were to raise funds from them.
Uber has benefited from a wide array of offerings in the Indian market, which includes mass-market Uber Go, as well as Uber Black for premium users, said Anurag Singh, an advisor at consulting firm Primus Partners.
“Its main competition, Ola, has got distracted in its EV foray, BluSmart has shut down, and platforms like Namma Yatri have not been able to go national," Singh said, adding that Rapido’s rise is something to watch, given that the company is popular among price-conscious consumers.
Uber launched its India services in 2013, competing mostly with Bhavish Aggarwal-led Ola Cabs, before Rapido entered the market with bike taxis in 2015. Both Uber and Ola Cabs remained neck-and-neck in the cab-aggregation market before Rapido’s foray into the category in 2023.
“Ola used to be our main competition. Now the tougher competition in India is Rapido," Uber chief executive Dara Khosrowshahi said on Zerodha co-founder Nikhil Kamath’s podcast ‘People by WTF’ earlier this year.
While Uber India saw its registered employees on the EPFO (Employees' Provident Fund Organisation) increase from 3,866 in April 2024 to 4,804 in August 2025, Ola Consumer’s parent saw the count fall from 886 to 376 in August this year.
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