The app-based ride service provider Uber has already kicked off its marketing campaigns to make the most of this festive season in India. Uber Gift Cards, as the company calls it, is launched in India today. The company is aiming to lure its existing customer base and online shoppers who always look out for something unique to gift their near and dear ones during the festival season.
In partnership with Qwikcilver – India’s leading SaaS-based prepaid card & gift cards solution provider – the first of its kind Uber Gift Cards is a unique gifting option for corporates who recognise and reward their employees in the most memorable and useful way.
“At Uber we are continuously innovating to make the experience of our users enjoyable and convenient. The upcoming festive season gives us the perfect opportunity to launch the Uber Gift Card, a first-of-its-kind initiative combining fantastic offers across food and transportation at the tap of a button,” says Madhu Kannan, Chief Business Officer, India and Emerging Markets, Uber.
Corporates and Individuals can buy Uber Gift cards from all the leading e-commerce platforms including Paytm. These Gift cards could be redeemed against availing Uber rides or ordering food from Uber Eats by a click on a button.
As the festive season is about to begin in India, Uber has set its eyes on the corporate gifting market. By positioning this as the unique gifting card option Uber is trying to strengthen its market presence in India – one of the most promising markets for Uber. Uber debuted in India in August 2013 and since then it has completed over 1 billion rides.
“Qwikcilver has pioneered the Gift Card category in India and working to innovatively scale the adoption across consumer segments. As the issuer of the Uber Gift Card, we do believe that this Qwikcilver partnership with Uber can be a game changer for the consumer adoption of Gift Cards,” says Kumar Sudarsan, CEO & Director, Qwikcilver.
So far it has been a roller-coaster ride for Uber in India. However, in the last two years, the app-based ride service company has started recording a significant surge in its revenue. In FY’16, Uber’s revenue grew 442% YoY, followed by 10% YoY growth in FY’17. Uber revenue jumped from mere Rs 69 Crore in FY’15, ended in March 2015, to whopping Rs 410 Cr in FY’17.
While the revenue growth slows down in the last financial year, Uber generated more profit compared to the previous year. Uber’s profit went up to Rs 30 Cr in FY’17 from Rs 28.8 Cr in FY’16.
Uber’s strategy to introduce Gift Cards right before the festive season appears to be the perfect marketing strategy. During the festival season, every year shoppers both offline and online, spend billions of dollars in a short span of time, mostly due to the discounts and deals offered by brands. Last year, online shoppers alone spent $3.2 billion during a month-long festival season, which eas the highest ever sales recorded in the history of Indian e-commerce industry.
There are millions of people in India who use Uber rides for their daily commute. Hence, Uber Gift Cards is the perfect gifting option for food and commute as people may find it the most useful and adorable gift to receive and give.