Ola Cabs Parent ANI Technologies’ Loss Crosses INR 1,500 Cr In FY22

Bhavish Aggarwal-led ANI Technologies, which operates Ola Cabs, has reported a 1.3X rise in its net loss for the financial year 2021-22 (FY22). The Bengaluru-based unicorn’s loss stood at INR 1,522.3 Cr during the year, up 36.3% from INR 1,116.1 Cr incurred in the year-ago fiscal. 

The startup’s operating income jumped 2X Year-on-Year (YoY) to INR 1,970.4 Cr in the year under review. ANI Technologies generates most of its revenue from its mobility services. 

While the company generated INR 1,220.2 Cr from its cab-hailing business during the year under review, its financial services business garnered INR 110 Cr. In FY21, the startup earned INR 689.6 Cr from cab mobility services, whereas it generated INR 42.8 Cr from financial services.

Meanwhile, the startup’s total expenditure stood at INR 3,362.1 Cr in FY22, up 1.6X from INR 2,007.1 Cr a year ago, triggered by a significant increase in purchase of stock in trade. 

ANI Technologies coughed up INR 930 Cr on purchase of stock in trade in FY22. In contrast, it spent a mere INR 35 Lakh on the same in FY21.

Besides this, the startup spent INR 552.4 Cr on employee benefit expenses in FY22, up 1.2X from INR 436.3 Cr shelled out a year ago. Employee benefit expenses mostly comprise salaries of employees, PF contributions, gratuity, and other employee welfare benefits. 

Moving on, ANI Technologies spent INR 282 Cr on information technology compared to INR 197 Cr spent in FY21. Further, its vehicle running expenses stood at INR 588 Cr during the period under, up 2.3X YoY. Similarly, the startup witnessed a 1.9X YoY jump in its marketing and advertising expenses in FY22 to INR 255.6 Cr.