Ola Electric Posts Loss Of Rs 784 Crore In FY22

Bhavish Aggarwal's Ola Electric Mobility Pvt. has reported a loss in FY22, even as its revenue rose during the period.

In the first year of selling battery-run scooters, the company posted a revenue of Rs 373.4 crore, up from Rs 86 lakh in FY21 when it was a pre-revenue company.

The company reported a loss of Rs 784.1 crore, as compared with Rs 199.2 crore in FY21. The company's expenses jumped to Rs 1,240.4 crore in FY22 from Rs 305.4 crore in the year-ago period, according to filings sourced from Tofler.

Ola Electric's annual financial statement has been filed with a delay of more than a year, similar to its previous parent company ANI Technologies Pvt., the holding company for Ola's ride-hailing business.

Ola Electric started deliveries of scooters in December 2021. It had opened bookings for Ola S1 and S1 Pro, priced at Rs 99,999 and Rs 1.29 lakh, respectively, in September 2021. It claimed to have received bookings worth Rs 1,100 crore for scooters in just two days.

Ola Electric claims to be the market leader in the electric two-wheeler category, with a share of about 40%. It sold about 19,000 units in July, according to Vahan data.

The company was valued at about $3 billion in 2021 and has raised about $450 million so far from investors, such as Falcon Edge and Softbank Group Corp. among others. It is also investing $500 million to set up a facility for making cells and battery packs for electric vehicles in Bengaluru.