Uber India value surges amid battle with Ola, Rapido

Shares of Uber India Systems Pvt. Ltd., Uber’s main operating entity in India, are valued by the parent company as follows: ₹2,022.85 per piece when pumped ₹200 crore through equity in November, according to a report Mint Examination of applications made to the Ministry of Corporate Affairs.

This represented an increase of approximately 41 percent. ₹The value per share that the company takes into account when investing is 1,438.9 ₹82 crore through equity in May 2023.

Uber has overtaken Ola Consumer as startup Rapido tries to gain share in India’s taxi aggregator market. According to industry executives’ market share estimates, Uber’s share hovers around 45%, while Ola’s has fallen from 42-44% to 25-30%.

Uber shares in India are mainly held by three entities namely Uber International Holding BV and Uber International BV, which own about 98% of the company as of March 2024. The company’s India revenue increased by 41% to 2024. ₹3,761 crore in fiscal 2024 (FY24), while its losses narrowed ₹89 crore ₹311 crore a year ago.

Uber India is yet to file results for fiscal 2025. The company did not respond to this question. mint query.

Uber India’s rising valuation clashes with price drop Ola Consumer’s valuations at the beginning of this year. US-based asset management company Vanguard, an investor in Ola’s parent company ANI Technologies, has cut its valuation to $1.25 billion, a sharp decline from a peak of $7.3 billion.

Since Uber India does not raise money from external investors, its market-based valuation cannot be determined. Given the company’s own valuation margin, it will likely seek to obtain a significant premium from outside investors if it raises funds.

Uber enjoys a wide range of offerings in the Indian market, including mass-market Uber Go as well as Uber Black for premium users, said Anurag Singh, consultant at consulting firm Primus Partners.

“Main rival Ola is distracted “EV influx, BluSmart shut down and platforms like Namma Yatri failed to go national,” said Singh, adding that Rapido’s rise is something to watch, given the company is popular among price-conscious consumers.

Uber launched its India services in 2013 and mostly Ola Cabs led by Bhavish Aggarwal before Rapido entered the market with bike taxis in 2015. Both Uber and Ola Cabs were neck-and-neck in the cab aggregation market before Rapido entered the category in 2023.

“Ola was our main competitor. Now the toughest competition in India is Rapido,” Uber CEO said. Dara Khosrowshahi said on Zerodha co-founder Nikhil Kamath’s ‘People by WTF’ podcast earlier this year.

While Uber India saw the number of employees registered with EPFO ​​(Employee Provident Fund Organization) rise from 3,866 in April 2024 to 4,804 in August 2025, Ola Consumer’s parent saw the number fall from 886 to 376 in August this year.