Even as the ride hailing major’s business recovered from the pandemic led disruption—reflected in its revenue from operations which widened to Rs 1,970 crore in FY22 from Rs 983 crore in FY21, the firm’s expenses increased by nearly 68% y-o-y to touch Rs 3,362 crore.
Ola which competes with Uber in India recently had its valuation marked down by its investor Vanguard which slashed the valuation of its holding in the company by over 50% to $3.5 billion.
Meanwhile, the firm’s subsidiary Ola Electric which is preparing for a public listing saw its losses shot up manifold to Rs 784 crore on a consolidated basis in FY22 from Rs 199 crore in the year-ago period. The firm’s revenue from operations, though, expanded substantially to Rs 373 crore from Rs 86 lakh in FY21.
Bhavish Aggarwal has stitched ambitious plans for Ola Electric and earlier this year the company committed investments worth Rs 7,614 crore which will be spread across five years to build an EV hub in Tamil Nadu.