Ola cuts losses by nearly 50% in FY23; logs Rs 2,800 crore in revenue

Ola has posted Rs 2,800 crore revenue in the fiscal year 2022-23, while managing to cut its losses by almost 50 per cent.

Ola's parent company, registered 42 per cent growth in revenue to Rs 2,799 crore in FY23, compared to Rs 1,970 crore in FY22, as per the audited financial results available on Ola's website.

The company cut down its losses by about 50 per cent to Rs 772 crore in FY23 against Rs 1,522 crore in FY22.Ola Money registered Rs 85.5 crore revenue with a loss of Rs 54.6 crore.

The cab leasing firm Ola Fleet Technologies' revenue was Rs 189.9 crore with Rs 387.6 crore loss in FY23.

In FY22, Ola's consolidated operating revenue went up to Rs 1,970 crore from Rs 983.2 crore from the year before, showing a sharp recovery from the pandemic that had disrupted the mobility business globally.

The Bhavish Aggarwal-led company had widened its net losses in FY22 to Rs 1,522 crore from Rs 1,116 crore in FY21. 

Meanwhile, IPO-bound Ola Electric has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI).

The fresh issue component will consist of Rs 5,500 crore and the balance would be the OFS (offer for sale) category, around Rs 1,750 crore.

Ola Electric's net loss nearly doubled to Rs 1,472 crore in FY23, from Rs 784.1 crore in the previous fiscal year, as expenses surged significantly.

The EV company reported an EBITDA loss of Rs 1,318 crore as its total expenses jumped to Rs 3,383 crore, in comparison to Rs 1,240 crore in FY22.