Ola Consumer, the ride-hailing company led by Bhavish Aggarwal, reported a 21% decline in revenue for the fiscal year 2024. The company’s total consolidated revenue, which includes both operations and other income, stood at Rs 2,368 crore, a significant drop from Rs 3,000 crore in FY23. Despite the decline, Ola Consumer has focused on expanding its services and improving profitability in key segments.
The company’s parent organization, ANI Technologies, also experienced a drop in earnings. The standalone revenue for ANI Technologies fell to Rs 1,906 crore in FY24, compared to Rs 2,135 crore in the previous year.
Ola Consumer Achieves Profitability at EBITDA Level
While revenue declined, Ola Consumer achieved profitability at the EBITDA level in its mobility and financial services business. The company’s full-year EBITDA, excluding discontinued operations, increased to Rs 271 crore, a significant improvement from Rs 87 crore last year. This growth reflects better cost management and increased efficiency across its operations.
Ola Consumer has been actively expanding its ride-hailing services to tier 2 and tier 3 cities across India. The company has introduced new premium services like Prime Plus, catering to customers looking for a more comfortable travel experience. Additionally, Ola has increased the availability of two-wheeler and three-wheeler mobility services to offer more convenient transportation options in smaller cities.
To enhance efficiency and meet rising demand, Ola has also been incorporating electric vehicles (EVs) into its fleet. EVs offer lower operational costs, making them an attractive alternative to traditional fuel-powered vehicles.
Ola Coin Rewards Programme
In August, Ola introduced Ola Coin, a digital rewards programme designed to enhance customer engagement. The programme allows users to earn rewards and incentives for transactions across Ola’s mobility, e-commerce, and logistics services. The initiative aims to build customer loyalty and encourage higher spending across the company’s services.
Ola’s electric vehicle division, Ola Electric Mobility, reported a significant net loss of Rs 564 crore in the third quarter of FY25. This marks a 13.94% increase in losses compared to the Rs 495 crore loss in the previous quarter (Q2 FY25).
On a year-on-year basis, the losses have increased even more sharply. In Q3 FY24, Ola Electric had reported a net loss of Rs 376 crore, meaning its losses have widened by 50% in just one year.
In its stock exchange filing, Ola Electric attributed its increasing losses to high competition and service challenges. The company also faced a 19.36% decline in revenue from operations, with earnings dropping from Rs 1,296 crore in Q3 FY24 to Rs 1,045 crore in Q3 FY25.
Despite financial setbacks, Ola remains committed to expanding its business operations. The company is investing in new mobility services, electric vehicle adoption, and customer engagement strategies. By strengthening its ride-hailing offerings, enhancing EV integration, and introducing innovative reward programmes, Ola aims to regain market momentum and improve profitability in the coming years.
