Ola’s loss widens to Rs 1,522cr in fiscal 2022

NEW DELHI: ANI Applied sciences, which runs Ola, has reported lack of Rs 1,522 crore on a consolidated foundation for the yr ended March 31, 2022.

The ride-hailing main had posted lack of Rs 1,116 crore in FY21, the corporate’s financials sourced from market intelligence platform Tofler confirmed.
Even because the the journey hailing main’s enterprise recovered from the pandemic led disruption – mirrored in its income from operations which widened to Rs 1,970 crore in FY22 from Rs 983 crore in FY21 – bills elevated by 68% y-o-y to the touch Rs 3,362 crore. Ola, which competes with Uber in India, not too long ago had its valuation marked down by investor Vanguard, which slashed the worth of its holding within the firm by over 50% to $3.5 billion.

In the meantime, the agency’s subsidiary Ola Electrical, which is getting ready for a public itemizing, noticed its losses shoot up manifold to Rs 784 crore on a consolidated foundation in FY22 from Rs 199 crore within the year-ago interval. The agency’s income from operations expanded to Rs 373 crore.

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