(This story originally appeared in on Nov 05, 2019)

New Delhi: Uber India is projecting revenues of Rs 339 crore for ride-hailing, but surprisingly a negative Rs 762.5 crore in food delivery for the five month period between August to December 2019, according to a valuation report filed by the San Francisco-based ride-hailing giant with the ministry of corporate affairs (MCA).The valuation report, prepared by KPMG affiliate BSR and sourced through data intelligence platform Tofler, is based on management projections as a part of the transfer of India business from the Netherlands-based Uber BV to local unit Uber India Systems at a valuation of Rs 2,539 crore.UberEats is a distant third to heavily funded rival players — Naspers-backed Swiggy and Ant Financial-backed Zomato , both of whom are spending $30-40 million every month to acquire consumers through incentives.Negative revenues could be caused by commission revenues being lower than the cost of delivery, high refunds to consumers and UberEats paying restaurants for the food which they are not themselves giving discounts on, those tracking the space said.On analyst calls earlier, Uber’s CFO Nelson Chai has said that India is a market where it has a low or negative take rate (commissions it earns on deliveries), driving down margins for the business globally. “….it is a market in that we are funding both the eater, the courier, as well as the restaurant in terms of building the business,” he said during the first-quarter analyst call in May.A Uber India spokesperson declined to comment on TOI’s questions on the consolidation and negative revenues for the food delivery business in 2019. One of the world’s most valued startups, Uber has been under pressure to improve margins since going for an IPO earlier this year as its share prices have slipped.Uber is also projecting higher operating losses of Rs 2,197 crore in 2019 for its food delivery business as compared to Rs 1,645 crore for the rides business, collectively coming to Rs 3,842 crore, for the five-month period between August to December 2019.Uber’s main rival Ola has reported a 61% increase in revenues to Rs 2,223 crore while losses came down 42% to Rs 2,844 crore for the financial year ending in March 2018. Ola, which also runs a food delivery business under Foodpanda , has not filed its latest financials.The financials for Uber’s India business are projected to get better during the 12 month period in 2020.