ANI Technologies, Ola Cab’s parent company, saw a 42% surge in revenue to Rs 2,799 crore in FY23, up from Rs 1,970 crore in FY22. It also managed to almost halve its losses to Rs 772 crore in FY23, down from Rs 1,522 crore it had incurred the previous fiscal.
Ola’s core ride-hailing business generated Rs 1,987 crore in revenue, despite a Rs 1,082 crore loss in FY23. This stands out, when compared to Uber India’s Rs 679 crore revenue from rides during the same period. Ola likely tightened its belt in the ride-hailing segment, as evidenced by the significant drop in losses compared to FY22’s Rs 3,082 crore.
Ola’s consolidated losses in FY23 are lower than its standalone ride-hailing losses during the same period, hinting at gains from other verticals.
Ola Money, which operates as a financial services platform, posted Rs 85.5 crore revenue with a loss of Rs 54.6 crore, whereas its cab leasing firm Ola Fleet Technologies’ revenue stood at Rs 189.9 crore revenue with Rs 387.6 crore loss in FY23.
Moreover, its food delivery entity Pisces Services, comprising cloud kitchen and food delivery, and grocery unit Ola Stores Technologies, posted Rs 1.28 crore and Rs 22.4 crore revenue with a loss of Rs 106.35 crore and Rs 81.15 crore, respectively in FY23.
The report comes at a time when Bhavish Aggarwal’s Ola Electric has filed its DRHP to raise Rs 5,500 crore and launch an IPO.