Ola's revenues jump 7-fold, at Rs 380 crore in FY15

Taxi and auto-rickshaw hailing app Olacabs has posted a seven-fold rise in its revenue for the fiscal year 2014-15 as compared to its previous year. Ola has reported a turnover of Rs 380 crore for FY15 as against Rs 51.04 crore in FY14, The Financial Express reported on Thursday.

Ola had posted a net loss of Rs 34 crore as against revenues of Rs 51 crore in fiscal year 2013-14 (FY14). The company had posted a net loss of Rs 22 crore as against revenues of Rs 16 crore in FY13.  

The news report citing the documents filed with the Registrar of Companies by ANI Technologies which owns Ola, said the company had a net worth of Rs 3,486 crore in March 2015. 

However, no details on profits or losses were disclosed. 

The taxi-hailing app has raised nearly $1.2 billion (around Rs 7,983.3 crore) mainly through convertible preference shares since its launch in 2011. Tiger Global, Sequoia Capital, Accel, Helion Ventures, among others, are investors in Ola. 

Homegrown taxi-aggregator Ola competes with the US-based taxi-hailing app Uber in India. Uber has presence in 26 cities in India. The growing competition in the taxi-hailing app business forced Ola to expand its operations to 102 cities.