Ola’s India Mobility business turns profitable in FY23, aims to serve 1 bn customers – ET Auto

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For the consolidated entity, the revenue from operations and other income for FY 23 stood at INR 3,000 crores as compared to INR 2,120 crores in FY 22.

New Delhi: The India Mobility Business of Ola Mobility has turned EBITDA positive in FY 23. The company said Hemant Bakshi, CEO of Ola Mobility, is leading its mobility business, with focus on ride-hailing, financial services, logistics, and e-commerce.

With a vision to serve a billion Indian consumers and empower 10 million partners economically, Ola is all set to reimagine and redefine mobility, the company said in its 2024 Narrative Report.

Ola’s robust business model is at the forefront of shaping the future of mobility and commerce, demonstrating substantial growth to transform mobility and ride-hailing through:

Premiumization: By expanding multi-city Prime plus experience with a loyalty program and luxury cars on the anvil

Penetration through electrification: By leveraging electrification to disrupt mobility space by offering the most affordable rides in the 2W segment, priced lower than the industry, offering more benefits to the partners.

Technology: To enhance customer and partner services, as well as optimizing platform efficiency for an overall elevated experience with services like Ola Maps, AI-powered customer care.

Financial Services: Increased focus on asset finance vertical with bank tie-ups, better insurance and process experience, with a focus on partners and riders; and

Logistics and e-commerce: A multi-work model combined with the company’s large customer base, financial services offerings, our gig-worker platform and technology capabilities to leverage ONDC

Bhavish Aggarwal, Founder, Chairman and MD, Ola, said, “India’s economic growth is unstoppable and we aspire to serve 1 billion Indians. We are proud to serve India at scale with a vast and integrated ecosystem empowering consumers and enabling partners. As a technology-first business, leading with innovation, we are confident to spearhead the country’s mobility ambitions and lead the next phase of growth in the industry at large.”

Hemant Bakshi, CEO, Ola Mobility, said, “As Ola’s India Mobility business turns profitable in FY23, it is a testament to the resilience and innovation that has defined our journey. Our focus on sustainable growth has not only fortified our financial standing but has also set the stage for an exciting future of expansion and industry leadership. Ola is committed to continuing its legacy of innovation and excellence, shaping the future of mobility, e-commerce, financial services and logistics.”

FY 23 Financials: For the consolidated entity, the revenue from operations and other income for FY 23 stood at INR 3,000 crores as compared to INR 2,120 crores in FY 22.

For the consolidated entity, EBITDA loss excluding discontinuos business reduced to INR 29 cr in FY 23 from INR 291 cr in FY 22

ANI Technologies Standalone (Ola’s India Mobility business) total revenue has gone up by 48% in FY 23 to INR 2135 crore from INR 1350 crore in FY 22. Total revenue includes revenue from operations and other income.

ANI Technologies Standalone (Ola’s India Mobility Business) clocked standalone revenue of INR 2,135 crore and segment-adjusted EBITDA of INR 250 crore in FY 23.

  • Published On Jan 25, 2024 at 06:00 PM IST

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