Uber Says Active Driver Count In India At Record High

India was among the five countries where Uber saw the monthly active driver count touch an all-time high, according to Chief Executive Officer Dara Khosrowshahi.

"Internationally, we recently reached all-time highs for monthly active drivers in the U.K., France, Brazil, Australia, and India, among others," he said in prepared remarks alongside the ride-hailing giant's Q1 earnings. "These strong trends would not be possible without our early prioritisation of supply growth coming out of the pandemic."

Uber Technologies Inc. said on Tuesday that its revenue rose 30% year-on-year to over $8.8 billion, beating the average analyst estimate of $8.7 billion. Its gross bookings, spanning mobility and delivery, came in at $31.4 billion, up 20% year-on-year. The company's net loss narrowed to $262 million from $482 million a year earlier. However, losses expanded sequentially on higher legal, tax, and regulatory reserve changes and settlements.

"We remain focused on delivering quarterly GAAP (generally accepted accounting principles) operating income profitability in 2023, and we expect to scale GAAP profitability significantly beyond 2023," the company said.

While Uber didn't provide India-specific numbers in its earnings, its Asia-Pacific revenues jumped 41% year-on-year to $1.03 billion.

As the operating environment adjusts to a period of tighter capital availability and higher interest rates, Uber is "well positioned" to improve its competitive position across key markets, Khosrowshahi said.

Globally, the tech giant's monthly active users rose 13% to touch 13 crore. It was also claimed that consumers who started using Uber after the pandemic are engaging with the platform more frequently and spending significantly more than those who started before the pandemic.