Uber has zoom past Meru, Easy Cabs

Uber has managed to overtake Indian rivals like Meru Cabs and Carzonrent, which operates Easy Cabs.

According to a filing with the Registrar of Companies (RoC), Uber’s revenues in India grew over fivefold to Rs 374 crore in 2015-16, while Meru posted revenues of Rs 323 crore during the same period. Easy Cabs, on the other hand, clocked sales of Rs 216 crore. Uber's biggest Indian rival Ola is yet to declare its numbers.

Just a year ago, both these rivals were four times bigger than Uber in India. In 2014-15, Meru had revenues of Rs 289 crore while Easy Cabs posted sales of Rs 263 crore.Uber's sales, in comparison, stood at Rs 69 crore.

Uber has already committed $1 billion and the firm's cofounder Travis Kalanick, in a January visit to India, had said the company would double its pledged investment if it sees more than five times the return. After Uber sold off its China operations to Didi Chuxing earlier this year, it has further accelerated its ef forts in India, which is now its second-largest market after US.

"We had sold that division for Rs 200 crore and there was a significant revenue from the business that doesn't come into our portfolio," Rajiv K Vij, CEO, Carzonrent, told ET.

Vij claimed the company's car rental business grew on an average of 21-22% and it had a profit margin of around 30%. "We are not buying business like some others; we are doing a sustainable business and our operations are continuously growing, it is profitable. That's the difference between our business and theirs," he said.

Nilesh Sangoi, the newly appointed chief executive of Meru Cabs, said the company's revenue have grown by 14% in the previous year and they are EBITDA positive.

"Right now the industry is talking about Rs 3,500-4,000 crore losses individually for some taxi players. It kind of creates a different market where they can buy the market share through capital. But, we are not in that game," he told ET.