Ride-hailing major Ola’s India mobility business reported a standalone EBITDA profit of ₹250 crore in FY23 compared to a loss of ₹66 crore in FY22. The company’s revenue grew 58 per cent to ₹2,135 crore in FY23 from ₹1,350 crore in FY22.

Bhavish Aggarwal, MD, ANI Technologies on Thursday announced that Ola’s India Mobility Business has turned EBITDA positive in FY23. “While our revenue continued to grow at a strong clip of 58 per cent, we became EBITDA positive in the India mobility business. This is one of the few consumer internet businesses in India to be profitable at this level,” said Aggarwal while addressing media.

He further added, “Our vision is to serve a billion Indian consumers and enable livelihood and economic empowerment for 10 million partners.”

Ola Mobility CEO Hemant Bakshi, highlighting the significance of electrification, said, “The ambition is to truly scale up the two-wheeler ride-hailing industry in India, and it can only be achieved with electric vehicles. In fact, in many States, regulations support the idling of electric two-wheelers and disincentivise traditional engine rides. We wholeheartedly support this trend, and our ambition is to elevate it to substantial levels. We are committed to investing our efforts to scale up electric ride-hailing on two-wheelers.”

To enhance logistics and e-commerce services, Ola said that it has come up with a plan that combines financial services, a gig-worker platform, and tech capabilities to make the most of ONDC. “It’s a strategy to use our strengths and grow in these areas,“ Hemant added.