Ola: Ola revenue doubles in FY22, but losses widen 36% to Rs 1,522 crore


After delaying its filings for over a year, ride hailing company Ola finally reported its financials for the 12-month period ended March 2022, showing a marked topline recovery from the pandemic year, though its losses also worsened.

ANI Technologies, the parent firm of ride-hailing startup Ola, reported consolidated revenue more than doubling to Rs 1,970.4 crore from the Rs Rs 983.2 crore it reported in the year ended March 2022. Ola’s numbers for 2021-22 also include revenues for some segments such as food delivery and quick commerce, which the company later shut down.

The regulatory filings were sourced from business intelligence platform Tofler.

The company’s net loss widened over 36% to Rs 1,522.3 crore for FY22, against Rs 1,116.6 crore the previous year. The widening of the loss was driven by an increase in outgo across categories such as material costs, employee benefit expenses, and “other expenses”, taking total expenses to Rs 3,362.1 crore, up from the Rs 2,007.1 crore a year ago.

Ola’s sister firm Ola Electric, which is held separately, incurred an operating loss of $136 million on revenue of $335 million in fiscal year 2023, according to a Reuters report dated July 28.

Also read | ETtech In-depth: How BluSmart plans to fight the Uber, Ola onslaught in buzzy EV cab business

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On August 2, ET reported that ANI Technologies saw its valuation cut by US-based investment major Vanguard Group to $3.5 billion — down over 50% from a peak of $7.3 billion. Vanguard’s International Growth Fund now values its holding in Ola at $25 million, down from the $33.8 million valuation it assigned to its holding in its half-yearly report in May, and much lower than the $50 million or so assigned to the stake in 2019.Over the last year, Ola has exited a number of ventures in verticals such as second-hand car sales, food delivery, and grocery delivery, which it had diversified into as the pandemic hit the company’s core business. ET was the first to report that Ola would be shutting its quick-commerce and used-car marketplace in June last year. The firm now solely focuses on its core ride-hailing business.

In the meantime, Ola’s competition continues to grow. Bangalore-based Rapido has expanded its three-wheeler category, while ONDC-run auto hailing firm Namma Yatri has also entered the mix.

In the cab category, all-electric cab company BluSmart, backed by BP Ventures, has raised multiple funding rounds and plans to expand its fleet above 10,000 by FY24. Uber has also signed a contract with Tata Motors to deploy more than 25,000 electric cars in the next three years.

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