Uber India Systems Pvt Ltd, the Indian arm of the global ride-hailing leader, has reported a dramatic widening of its financial losses for the fiscal year ended March 31, 2025. According to consolidated financial statements released on February 13, 2026, the company’s net loss surged to ₹1,512.4 crore, a stark contrast to the significantly narrower loss of ₹89 crore reported in FY24.
The financial hit comes despite a marginal growth in overall operating revenue, highlighting a deep struggle within the core mobility business due to aggressive market competition and shifting accounting dynamics.
The “Net Revenue” Paradox
The most striking figure in the FY25 report is the collapse of net revenue from ride-hailing, which fell by 89% to just ₹88 crore, down from ₹807 crore in the previous year. Paradoxically, the “Gross Revenue” (the total commission Uber earns from rides) remained virtually flat at ₹2,604 crore.
The massive gap between flat gross earnings and plummeting net revenue is attributed to a 33% surge in incentives and discounts, which reached ₹2,516 crore in FY25. Under Uber’s accounting policy, these driver and rider payouts are netted off directly from the topline, effectively erasing the mobility segment’s revenue contribution.
| Financial Metric | FY24 | FY25 | Change |
| Overall Operating Revenue | ₹3,762 Cr | ₹3,849 Cr | ↑ 2.3% |
| Net Ride-Hailing Revenue | ₹807 Cr | ₹88 Cr | ↓ 89% |
| Support Services Revenue | ₹2,936 Cr | ₹3,664 Cr | ↑ 24.8% |
| Consolidated Net Loss | ₹89 Cr | ₹1,512 Cr | ↑ 1,600% |
Support Services: The Invisible Backbone
While the ride-hailing business struggled, Uber India’s overall revenue stayed afloat thanks to its Support Services division. This segment provides backend, technical, and customer support to Uber’s global parent and group entities.
Revenue from these services rose to ₹3,664 crore, now accounting for over 95% of Uber India’s total reported revenue. Without this intra-group support, the domestic entity’s financial profile would have appeared significantly more distressed.
Competition and Market Shifts
Industry analysts point to the rise of Rapido and its shift to a zero-commission, subscription-based model as a primary driver for Uber’s increased spending.
- The Rapido Factor: By moving away from per-ride commissions, Rapido forced legacy players like Uber and Ola to offer deeper incentives to prevent “driver churn.”
- Cost of Growth: Experts note that Uber is effectively “spending in dollars to earn in Rupees,” with thin margins becoming increasingly sensitive to the high cost of maintaining a dominant driver network in India.
- Corporate Shifts: Uber also generated ₹79 crore from its “Shift Transportation” segment, focusing on office pickup and drop-off services, a high-growth area as corporate India returns to full-time office work.
Looking Ahead: The “Bharat Taxi” Impact
As Uber navigates these mounting losses, the upcoming launch of the government-backed Bharat Taxi app remains a major variable. A successful run for a low-cost, state-aligned aggregator could force another reset of the pricing and incentive structures that currently dominate the Indian market.
