Ola Cabs FY23 Revenue Rose To INR 1,988 Cr

Ola Cab Parent ANI Tech’s FY23 Revenue Crosses INR 2,500 Cr Mark, Loss Declines To INR 772 Cr

SUMMARY

ANI Technologies’ consolidated net loss declined 49.2% year-on-year to INR 772.2 Cr in FY23, while sales jumped 42% YoY to INR 2,799.3 Cr

The cab-hailing business reported a 63% YoY increase in sales to INR 1,987.5 Cr in FY23, while its net loss declined 64.8% to INR 1,082.5 Cr

Ola Financial Services slipped into the red in FY23, reporting a net loss of INR 54.6 Cr after posting a profit of INR 8.6 Cr in FY22

ANI Technologies Pvt Ltd, the parent entity of cab-hailing startup Ola, managed to cut down its consolidated net loss by 49.2% to INR 772.2 Cr in the financial year ended March 31, 2023 from INR 1,522.3 Cr in FY22.

As per the documents updated by the company on its website, ANI Technologies’ sales jumped 42% to INR 2,799.3 Cr in FY23 from INR 1,970.4 Cr in FY22.

It is pertinent to note that ANI Technologies runs multiple businesses with different subsidiaries, including fleet services, cab services, financial services, among others.

The cab-hailing business reported a 63% increase in sales to INR 1,987.5 Cr in FY23 from INR 1,220 Cr in FY22. Its net loss declined 64.8% to INR 1,082.5 Cr during the year under review from INR 3,082.4 Cr in FY22. This decline in net loss was also reflected in the consolidated numbers of the parent company.

In comparison, Ola’s rival Uber India saw its net sales rise 54% to INR 2,666.1 Cr in FY23, while its loss grew 58% to INR 311.3 Cr.

Ola Fleet Technologies Pvt Ltd, which is the business of fleet management, saw its sales decline 56.5% to INR 189.9 Cr in FY23 from INR 437.5 Cr in the previous fiscal year. Its loss also narrowed 17% to INR 387.6 Cr in FY23 from INR 467.9 Cr in FY22.

Ola Financial Services, the fintech arm of Ola which runs OlaMoney, saw its operating revenue decline 22% to INR 85.5 Cr in FY23 from INR 110 Cr in FY22. The entity also slipped into the red, reporting a net loss of INR 54.6 Cr in FY23 after posting a profit of INR 8.6 Cr in the previous fiscal year. It had reported a net loss of INR 56.2 Cr in FY21.

In November last year, it was reported that Ola Cabs was to join the Open Network for Digital Commerce (ONDC) to offer last-mile delivery services to sellers on the platform.

Last month, Bhavish Agarwal-run two-wheeler EV manufacturer Ola Electric filed its draft red herring prospectus (DRHP) with the market regulator SEBI for its initial public offering (IPO). The startup is looking to raise INR 5,500 Cr via a fresh issue and up to INR 1,750 Cr via offer-for-sale (OFS).