Ola has announced that its India mobility business has turned EBITDA positive in FY 2023, and has now brought onboard former Unilever executive Hemant Bakshi, as CEO of Ola Mobility to lead its mobility business, with an aggressive growth focus on ride-hailing, financial services, logistics, and e-commerce.
In terms of financial performance the revenue from operations (consolidated entity) and other income for FY2023 stood at Rs 3,000 crore as compared to Rs 2,120 crore in FY2022.
EBITDA loss excluding discontinued business reduced to Rs 29 crore from Rs 291 crore a year ago. ANI Technologies Standalone (Ola’s India Mobility business) total revenue grew by 48% to Rs 2,135 crore as against Rs 1,350 crore last year. ANI Technologies Standalone (Ola’s India Mobility Business) segment-adjusted EBITDA of around Rs 250 crore.
The company says it envisions serving a billion Indian consumers and empowering 10 million partners economically by reimagining and redefining mobility. It outlines its future focus areas on –
Premiumisation: To further expand multi-city Prime plus experience with a loyalty program and luxury cars on the anvil.
Electrification: Leveraging electrification to disrupt mobility space by offering the most affordable rides in the two-wheeler segment, priced lower than the industry, offering more benefits to the partners.
Technology: Enhancing customer and partner services, as well as optimising platform efficiency for an overall elevated experience with services like Ola Maps, AI-powered customer care.
Financial Services: Increased focus on asset finance vertical with bank tie-ups, better insurance and process experience, with a focus on partners and riders.
Logistics and e-commerce: a multi-work model combined with the company’s large customer base, financial services offerings, our gig-worker platform and technology capabilities to leverage ONDC.
Bhavish Aggarwal, Founder, Chairman and MD, Ola said “India’s economic growth is unstoppable and we aspire to serve billion Indians. We are proud to serve India at scale with a vast and integrated ecosystem empowering consumers and enabling partners. As a technology-first business, leading with innovation, we are confident to spearhead the country’s mobility ambitions and lead the next phase of growth in the industry at large.”
Hemant Bakshi said, “As Ola’s India mobility business turns profitable in FY2023, it is a testament to the resilience and innovation that has defined our journey. Our focus on sustainable growth has not only fortified our financial standing but has also set the stage for an exciting future of expansion and industry leadership. Ola is committed to continuing its legacy of innovation and excellence, shaping the future of mobility, e-commerce, financial services and logistics.”
