Uber Eats now makes up 17% of Uber’s total revenue
In the first quarter, Uber’s (UBER) core ride-hailing business slowed, growing only 9.0% YoY (year-over-year) to $2.38 billion. However, the company’s burgeoning food-delivery business boosted its overall growth.
Uber Eats generated $536 million in revenue during the first quarter, growing 89.4% YoY.
With that said, the food-delivery business is also slowing down. In 2018, the company generated $1.46 billion from Uber Eats, up 148.7% from the previous year.
Uber Eats now makes up 17.3% of Uber’s overall revenue. The company’s gross bookings from Uber Eats grew 108% YoY to $3.07 billion. Uber Eats faces stiff competition in the United States from Door Dash and GrubHub. Door Dash recently raised $600 million in Series G funding.
Uber Eats has increased its global footprint in no time
Uber Eats has been able to increase its footprint globally very quickly. It’s been able to make a mark in the hottest major food-delivery market, India. According to SensorTower, Uber Eats was the most downloaded food and drink app from Apple’s iOS and Google Play Store. Its install count reached 8 million in April 2019, according to SensorTower, doubling YoY. Of these installations, 24% were in India.
Uber has also spent heavily on consumer promotions for Uber Eats. Its attractive promotional rate in India has caused consumers to prefer Uber Eats over Swiggy and Zomato.
Meanwhile, Uber’s Other Bets segment, which includes its freight and new mobility businesses, is also growing rapidly. The segment generated $145 million in revenue in the previous quarter, a rise of 263% YoY.