While the company didn’t provide specific numbers for bookings recovery for India, Uber said it hasn’t been as good as Australia, New Zealand, Taiwan, Hong Kong, and others
American ride-hailing platform, Uber, says its business has been adversely affected by the renewed lockdowns in India. “Extremely elevated case counts and renewed lockdowns in India adversely impacted mobility trends there. As riders come back to the platform, we're working hard to make sure that their second first trip is as magical as ever," said Dara Khosrowshahi, chief executive officer of Uber, during an earnings call last night.
According to Khosrowshahi, Uber’s bookings recovered to 62% in April in the US, while the UK bounced back to 80% of pre-covid booking levels. While the company didn’t provide specific numbers for India, it said that recovery in the country hasn’t been as good as Australia, New Zealand, Taiwan, Hong Kong and more.
“We expect the segment's recovery to continue to be driven by improving vaccination rates in the US and several international markets more than offsetting headwinds in markets such as India and Brazil," said Nelson Chai, chief financial officer of Uber. According to a recent report by consulting firm RedSeer, India’s mobility sector returned to 69% of pre-covid volumes in March 2021, reaching 78 million rides between all services providers. Ola, Uber, and Rapido were the leading players in the country, the report said.
Further, the company reported total revenue of $2.9 billion in the first quarter of 2021, with net losses dropping to $108 billion. The massive drop in losses was largely attributed to the sale of its self-driving car business, which the company sold to startup Aurora Technologies in December last year. Uber also invested $400 million, acquiring 26% of the Amazon-backed startup, as part of the deal.
Further, the company said overall bookings grew by 24% year-on-year, to %19.5 billion in the quarter ended March 2021. The food delivery business accounted for $12.5 billion in bookings. Uber had sold its food delivery business in India to Zomato in January last year for $206 million.