Ola narrows loss by 65 per cent to ₹1,082 crore in FY23

Bengaluru

Ride-hailing major Ola’s parent company ANI Technologies saw its standalone loss narrow to ₹1,082 crore in the fiscal ended March 31, 2023.

The firm had incurred a loss of ₹3,082 crore in FY22 on a standalone basis, according to partial data shared on the company’s web site. Sales for FY23 grew to ₹1,988 crore (₹1,220 crore).

• Also read:Ola Electric records over 30,000 registrations in December

Its competitor Uber India reported a loss of ₹311 crore in FY23 (₹197 crore). The firm’s operating revenue, however, grew 54 per cent to ₹2,666 crore in FY23.

Besides ride-hailing, ANI Technologies also houses Ola’s subsidiaries including Ola Financial, Ola Fleet and Ola Stores. On a consolidated basis, the firm reported ₹772 crore in loss, while sales income came up to ₹2,799 crore.

Ola’s food delivery entity Pisces eServices reported a loss of ₹106 crore in FY23, a drop from the previous fiscal’s ₹504 crore. However, the unit’s sales income dropped significantly to ₹1 crore in FY23 (₹114 crore).

The firm’s cab-leasing unit Ola Fleet Technologies reported a 17 per cent narrower loss of ₹387 crore, while its grocery unit Ola Stores Technologies also saw its loss decrease to ₹81 crore in FY23 (₹150 crore).

IPO plans

Meanwhile, Bhavish Agarwal led Ola Electric filed a draft red herring prospectus (DRHP) to raise up to ₹5,500 crore through a fresh issue, apart from an offer-for-sale (OFS) component of 95.2 million shares.

• Also read: Ola’s Bhavish Aggarwal unveils ‘made for India’ Krutrim AI

He has also launched an artificial intelligence (AI) firm called Krutrim. In December, the firm announced its large language model (LLM) that would have generative support for 10 Indian languages and would be able to take inputs in a total of 22 languages.

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