Ola Cabs' parent ANI Technologies' FY23 revenue crosses Rs 2,500 crore

Ola Cabs financial results: ANI Technologies Pvt Ltd, the parent entity of cab-hailing startup Ola, managed to cut down its consolidated net loss by 49.2 per cent to Rs 772.2 crore in the financial year ended March 31, 2023 from Rs 1,522.3 crore in FY22.

As per the documents updated by the company on its website, ANI Technologies’ sales jumped 42 per cent to Rs 2,799.3 crore in FY23 from Rs 1,970.4 crore in FY22. ANI Technologies runs multiple businesses with different subsidiaries, including fleet services, cab services, financial services, among others.

Ola Cabs

The cab-hailing business reported a 63 per cent increase in sales to Rs 1,987.5 crore in FY23 from Rs 1,220 crore in FY22. Its net loss declined 64.8 per cent to Rs 1,082.5 crore during the year under review from Rs 3,082.4 crore 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 per cent to Rs 2,666.1 crore in FY23, while its loss grew 58 per cent to Rs 311.3 crore.

Ola Fleet Technologies

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

Ola Financial Services

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

Ola Electric IPO

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 Rs 5,500 crore via a fresh issue and up to Rs 1,750 crore via offer-for-sale (OFS).

In a year marked by financial resilience and strategic moves, Ola's FY23 performance underscores its position as a major player in India's tech-driven transportation and services industry.