Ola Reports Rs 2,800 Crore Revenue In FY23, Loss Narrows Nearly 50%

Ola Cabs, operated by ANI Technologies Pvt., posted growth in revenue alongside a significant narrowing of losses.

The company's consolidated revenue from operations rose 42% to Rs 2,799.3 crore in FY23, as compared with Rs 1,970.4 crore in FY22, as it stepped out of the pandemic-hit FY21 and FY22.

Losses contracted for the Bhavish Aggarwal-led firm to Rs 772.2 crore from Rs 1,522.3 crore, according to partial disclosures on the firm's website.

The consolidated revenue includes earnings from Ola Financial Services Pvt., Ola Fleet Technologies Pvt., Ola Stores Technologies Pvt. and Pisces eServices Pvt., which offer various services such as car financing, leasing, buying and selling of used cars, among others.

The ride-hailing business posted revenue of Rs 1,987.5 crore, up from Rs 1,220.2 crore in FY22. Loss from the business stood at Rs 1,082 crore, narrowing down significantly from Rs 3,082 crore.

In comparison, Uber India's overall revenue from operations stood at Rs 2,666 crore in FY23. Its ride-hailing business, however, posted a revenue of Rs 678.6 crore, much less than Ola's, indicating a clear market share gap. Uber's losses stood at Rs 311 crore in FY23.

Ola's financial statement doesn't cover the new electric vehicle manufacturing business or its AI business Krutrim, which are housed under separate companies called Ola Electric Mobility Pvt. and Krutrim SI Designs Pvt., respectively.