The taxi-hailing firm’s India revenue run rate – an annualized projection extrapolated from the latest revenue numbers – is close to Rs 1,100 crore ($200 million). “Uber expects this to increase by 35% at the end of July,” said a source directly familiar with the matter, declining to be identified.

Larger Bengaluru-based rival Ola, which operates in more than 100 Indian cities, is tracking a run rate of $450 million-$500 million, ET reported last week. Ola executives said the company is expected to reach $1 billion in revenue in six months.

Uber and Ola have starkly contrasting approaches to expansion. While Ola focusses on increasing its presence in smaller towns and cities, Uber digs deeper into its existing markets before moving to the next city.

“We take a phased approach to expansion and focus to deep dive in existing markets before we expand to suburban areas,” Penn said. “Only once we have achieved the same quality of service available to riders there do we look to additional cities to expand our larger geographic presence.”