- Ola cut ride-hailing losses by 65% to $130M as revenue climbed 60% to $239M in 2023.
- Parent ANI Technologies, including other units, reported $337M in sales but a $93M consolidated loss.
- Ola Electric targets a 2023 IPO that could value EV startups at up to $8B.
65% cut in ride-hailing losses
India’s Ola cut its ride-hailing losses by 65% to 10.8 billion rupees ($130.3 million) for the financial year ending March 2023, as sales rose 60% to 19.9 billion rupees ($239 million).
The numbers come from the financial statements of parent company ANI Technologies, which also houses Ola Financial Services, Ola Fleet Technologies, and Ola Stores Technologies.
The parent, ANI Technologies
On a consolidated basis, ANI Technologies reported 28 billion rupees ($337.1 million) in total sales and a 7.7 billion rupee ($93 million) loss for FY 2023.
Of the subsidiaries, Ola Fleet Technologies’ fleet management division contributed the most at 1.9 billion rupees ($22.9 million) in revenue, though it is still a 56.6% year-over-year decline.
Ola Financial Services and grocery delivery unit Ola Stores Technologies slipped into losses for FY 2023 after being profitable the previous year.
Also losing money was the food delivery segment Pisces eService at 1.1 billion rupees ($12.8 million).
Ola Electric eyes IPO
Ola Electric, the electric two-wheeler firm spun off in 2019, is targeting an IPO this year that could raise $700-800 million and value the startup at $7-8 billion.
The results showcase Ola’s narrowing losses in ride-hailing while diversifying across financial services and deliveries, even as some units remain unprofitable.
An Ola Electric IPO would be a milestone for Indian EV startups.
