ANI Technologies, the parent company of Ola, has reported a significant revenue increase in the fiscal year ending March 2023. The company's revenue rose to Rs 2,799 crore, marking a 42% growth from Rs 1,970 crore in FY22.
Following the revenue increase, Ola also reduced its losses by nearly 50% to Rs 772 crore during FY23 against Rs 1,522 crore in FY22.
Standalone and subsidiary performance
On a standalone basis, Ola's ride-hailing business generated Rs 1,987 crore in revenue but incurred a loss of Rs 1,082 crore in FY23. This discrepancy suggests a more robust performance across Ola's diverse business verticals, which include financial services, fleet management, and grocery services.
Ola Money, the financial services arm, reported Rs 85.5 crore in revenue, while Ola Fleet Technologies and Ola Stores Technologies posted revenues of Rs 189.9 crore and Rs 22.4 crore, respectively.
Comparison with Uber
Uber India, Ola's direct competitor, also reported a substantial revenue increase in FY23, with a 54% rise to Rs 2,666 crore. The company's loss stood at Rs 311 crore, significantly lower than Ola's standalone loss.
Ola Electric's performance
Ola Electric Mobility Business, another venture under Bhavish Aggarwal's leadership, showed a remarkable 510% increase in total revenue, reaching Rs 2,782 crore in FY23. Despite this growth, the company's net loss doubled to about Rs 1,472 crore, primarily due to increased expenses.
Looking ahead, Ola Electric has filed a draft red herring prospectus (DRHP) with SEBI to raise Rs 5,500 crore through a fresh issue and an offer-for-sale (OFS) of equity shares. Additionally, Bhavish Aggarwal has launched an AI firm, Krutrim, expanding his entrepreneurial ventures beyond mobility and transportation.
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