Ola’s net loss decreases to Rs 772 crore in FY23; total accumulated loss surpasses Rs 20,000 crore

Ola’s parent company ANI Technologies reported a consolidated net loss of ₹772.25 crore in fiscal year 2023, a significant improvement from the ₹1,522.33 crore loss in fiscal year 2022. The company’s revenue from operations also increased by 48% to ₹2,481.35 crore in FY23 from ₹1,679.54 crore in FY22.

The company’s standalone ride-hailing business, ANI Technologies, reported a narrowing of loss to ₹1,082.56 crore in FY23 compared to ₹3,082.42 crore in FY22. The revenue from operations on a standalone basis increased by about 58% to ₹2,134.94 crore in FY23 from ₹1,350.03 crore in FY22.

Ola Mobility’s business in India posted an operational profit of ₹250 crore in FY23, a significant turnaround from the EBITDA loss of ₹66 crore in the previous year.

Ola Chairman and managing director Bhavish Aggarwal expressed optimism about the company’s growth and profitability, especially in the Indian mobility business. He highlighted the potential of electrification in the industry and emphasized the need for a sustainable business model that does not rely on cash burn.

Furthermore, Ola has ventured into serving the commerce segment through the government-backed Open Network for Digital Commerce (ONDC).

Overall, Ola’s group-level operational loss narrowed to ₹29 crore in FY23 from a loss of ₹291 crore in FY22. Ola Mobility CEO Hemant Bakshi stressed the company’s focus on sustainable growth, which has strengthened its financial standing and positioned it for future expansion and industry leadership.

However, the total accumulated loss of ANI Technologies at the group level increased to ₹20,223.45 crore, and on a standalone basis, it is ₹19,649.27 crore as of March 31, 2023. The company has received a total funding of about ₹31,441 crore.

The company is optimistic about the future and is focused on building a sustainable and profitable business model in the ever-evolving mobility industry.