Ola loss rises 56% to Rs 4,898 cr

Ola, India’s most popular mobility platform owned by ANI Technologies Pvt Ltd, registered 56% jump in its consolidated loss for the fiscal ending 30 March 2017.

According to a regulatory filing with the Ministry of Corporate Affairs and accessed DH via Paper.vc.com, the company registered a total loss of Rs 4,898 crore compared with Rs 3,148 crore for the same period during FY16.

This includes revenue of subsidiaries such as leasing unit Ola Fleet Technologies and TaxiForSure parent Serendipity Infolabs.

The total income of the company reached Rs 1380 crore, registering a growth of 70% during fiscal 2017. It was Rs 811 crore during the same period last fiscal.

The Bengaluru headquartered company's loss per share has gone up to Rs 22,798 compared with Rs 17,221 during fiscal 2016.

Ola was founded in Jan 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati. Ola, formerly Olacabs, is India’s most popular mobility platform having users across 110 cities with over 800,000 vehicles across cabs, auto-rickshaws and taxis.

The company made international debut this year with its Australia launch.

Ola, which has raised about $1.5 billion till date from players such as Japanese internet and telecom player SoftBank, aims to work with the government to further fuel its growth with the growth of smart cities and new electric vehicle policy.

The company also received investment from firms such as Tiger Global Management, Falcon Edge, DST Global and Matrix Partners India. It also received investment from Chinese cab-hailing giant Didi Chuxing.

Ola plans to add 10,000 electric vehicles over the next 12 months as part of its ‘Mission Electric’ programme.

Ola is currently competing with Uber to increase market share. The US ride-hailing company expanded rapidly in India since it launched its service in India nearly five years ago.

Ola was valued at $4 billion last year after its fundraise from SoftBank and Tencent Holdings.