Uber: Total turnover of $50 billion last year, with cash payments accounting for 13%

According to Uber’s initial public offering filing, released last week, the platform will have $50 billion in global transactions in 2018, with cash payments accounting for about 13%.

In 2013, Uber entered the Indian ride-hailing market.

For Uber, this market is critical. In the Indian market, Uber’s strong rivals surround: local rivals such as Ola, food distribution startups such as Swiggy and Zomato are well capitalised and have local operational advantages. The taxi company, from San Francisco, said it had long invested heavily in motivating policies and promotions to drive its Indian market.

Fierce competition with rivals on a global scale is an important reason for Uber’s losses. Competition with Ola in India, competition with drip travel in Latin America, and Careem in the Middle East have prompted Uber to cut prices, boost driver revenue and invest heavily in marketing and other areas.

However, according to earlier reports, Uber and Swiggy scrapped the merger after months of negotiations over financial and tax terms.

Increased proportion of cash payment travel, resulting in regulatory, operational and security issues

Uber said the proportion of trips paid in cash could increase in the future, and that the regulatory, operational and safety issues it raises must also be closely watched.

An Uber spokesman said: “cash payments can increase the risk of robbery, assault, life-threatening violence and other crimes, posing a significant safety risk to drivers and passengers. In Brazil, for example, there have been serious security incidents in which drivers have been robbed and fatally assaulted while using our platform.

Uber also noted that the use of cash payments is not conducive to the platform charging drivers for services, and may even result in non-full payments, and that will continue.

Uber has been bullish on the alarming growth rate in the Indian market, but this market is not only highly competitive and tightly regulated, but is one of the few countries with lower per capita trading income.

Overall, Uber’s total revenue in 2018 was $11.3 billion, of which 9.2 billion dollars came from its carpool service and 757 million dollars from the delivery service Uber eats,1.25 billion dollars from freight services Uber Freight. The company lost $3 billion in operations in 2018, down from $4.1 billion in 2017. Uber will begin trading on the New York Stock Exchange in early May this year.