Uber India valuation surges amid battle with Ola, Rapido

November funding values shares 41% higher than the previous round in May 2023

- Ayaan Kartik

The Indian unit of US-based Uber Technologies Inc. has seen the value of its privately held shares surge by more than 40% in the last two years as it cemented its position as India’s largest cab aggregator, ahead of Ola Consumer and Rapido.

Shares of Uber India Systems Pvt. Ltd, the main operating entity of Uber in India, were valued by the parent at ₹2022.85 apiece when it pumped in ₹200 crore through the equity route in November, according to a Mint review of its filings with the ministry of corporate affairs.

That was nearly a 41% increase from the ₹1,438.9 per share value the company had considered when pumping in ₹882 crore in May 2023 through the equity route.