Mobility startup Ola records operating profits for the first time
- ByStartupStory | November 3, 2021
The ride-hailing cab company- Ola has reported operating profits for the first time in FY21. The IPO bound company has been making constant operating losses during the past decade.
The mobility startup Ola which is set to file its draft for Initial Public Offer stated that it has earned an operating profit of Rs. 89.82 crores in the fiscal year 2021 as against an operating loss of Rs. 610 crores in the previous year. This news comes after the company has been beaten up due to the Coid-19 restrictions and had to fire a significant portion of their employees to cut down on operating expenses.
Ola is India’s largest platform and offers its services across 250+ cities in India, Australia, New Zealand and UK thus making it one of the largest mobility service providers across the globe. The Ola app offers mobility solutions to its customers by connecting them to drivers and a wide range of vehicles like bikes, auto-rickshaws, taxis and cabs.
Ola reported a loss after tax worth Rs. 1, 326 crores in FY21 as compared to Rs. 1, 714 crores in the previous year. Further the consolidated operating revenue of the company for FY21 was Rs. 983 crores as against Rs. 2, 662 in the FY20.
The CEO of the company had reported that the post-pandemic growth rate has exceeded the pre-pandemic levels as the rate of economic recovery has picked up pace. This takes the valuation of the cab company to $3 billion.
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