Uber India’s Valuation Soars 40% as It Pulls Ahead of Ola and Rapido in the Cab Wars

Uber’s India unit has seen a sharp surge in its internal valuation, climbing more than 40% over the last two years as the company solidifies its position as the country’s largest cab aggregator. According to filings reviewed by Mint, Uber India Systems Pvt. Ltd. was valued at ₹2,022.85 per share when the parent company infused ₹200 crore in November — up from ₹1,438.9 per share during a ₹82 crore equity infusion in May 2023.

This rise reflects Uber’s growing lead in the Indian mobility market. Industry estimates suggest Uber now holds roughly 45% market share, while Ola has fallen sharply to the 25–30% range, down from 42–44% in FY24. Rapido, meanwhile, is rapidly emerging as the platform to watch, especially among price-sensitive riders.

Uber India’s financial performance has also strengthened. Revenue jumped 41% to ₹3,761 crore in FY24, while losses narrowed to ₹89 crore from ₹311 crore the year before. The company is yet to file FY25 results.

The valuation uptick is notable at a time when Ola Consumer’s valuation has been marked down significantly. Investor Vanguard recently slashed the valuation of Ola’s parent ANI Technologies to $1.25 billion — a steep drop from its $7.3 billion peak.

Uber’s India success is credited to a broad product lineup ranging from mass-market Uber Go to premium Uber Black. Analysts say Ola’s focus on its EV ventures and the shutdown of competitor BluSmart have worked in Uber’s favour, while Namma Yatri hasn’t gone national. Rapido, however, is quickly climbing the ranks after entering the cab market in 2023.

Uber CEO Dara Khosrowshahi even acknowledged the shift earlier this year, saying Rapido has become its tougher competitor in India — overtaking Ola as its primary rival.

Employment trends also reflect contrasting trajectories: Uber India’s EPFO-registered employee count rose from 3,866 in April 2024 to 4,804 in August 2025, while Ola Consumer’s parent saw its count drop drastically from 886 to just 376 over the same period.

With no external fundraising, Uber India’s valuation isn’t market-determined, but its internal markup suggests the company could command a sizable premium if it ever opens the door to outside investors.