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IPO-bound Ola Electric records $136M loss on $335M revenue in FY23: Report

IndianStartupNews

IndianStartupNews · 1y ago

IPO-bound Ola Electric records $136M loss on $335M revenue in FY23: Report

Ola Electric, an electric vehicle (EV) giant, reported a loss of $136 million on a revenue of $335 million in FY23. Despite the loss, the company's revenue figures indicate substantial growth in its EV operations. The financial results highlight Ola Electric's investments in expanding its business and infrastructure to contribute to the adoption of electric mobility in India.

Related News

IPO-bound Ola Electric’s FY23 net loss almost doubles to INR 1,472 Cr on surge in expenses

Inc42 · 1y ago

IPO-bound Ola Electric’s FY23 net loss almost doubles to INR 1,472 Cr on surge in expenses

Ola Electric, led by Bhavish Aggarwal, saw its net loss almost double to INR 1,472 Cr in FY23 due to increased expenses. The company reported an EBITDA loss of INR 1,318 Cr in FY23 and targets EBITDA profitability of INR 803 Cr in FY25. Despite the losses, Ola Electric's consolidated revenue surged by 510% to INR 2,782 Cr in FY23. The startup aims to raise $700 Mn through its IPO and achieve a market capitalization of $10 Bn. Ola Electric retained the top spot in electric two-wheeler registrations, with over 27,000 units registered in November.

IPO-bound Ola Electric appoints ex-Byju's executive Jitesh Shah to head after-sales

IndianStartupNews

IndianStartupNews · 1y ago

IPO-bound Ola Electric appoints ex-Byju's executive Jitesh Shah to head after-sales

Ola Electric, the electric vehicle (EV) manufacturer gearing up for an IPO, has hired Jitesh Shah, formerly of Byju's, as the head of its after-sales service division. Shah's experience leading exam preparation and digital businesses at Byju's will aid Ola Electric in enhancing its after-sales services and overall customer experience. This move coincides with the company's plan to aggressively expand its service network and charging infrastructure, aiming to have 10,000 fast-charging stations and 600 service centers by April 2024. Ola Electric has recently undergone an organizational restructuring ahead of its public offering, appointing new independent directors, CFO, and CTO. Despite a net loss in FY23, the company reported a 510% growth in revenue.

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Inc42 · 1y ago

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Ola Electric has filed for an IPO to raise INR 5,500 Cr by issuing new shares. The startup's sales in the first three months of FY24 reached INR 1,242.7 Cr, almost half of the revenue reported in FY23. Ola Electric's primary source of revenue comes from two-wheeler sales. The company reported a net loss of INR 268 Cr in Q1 of FY24 and a net loss of INR 1,471.6 Cr in FY23. Its major expenditure is on procurement, which accounted for 76% of total expenses in Q1 of FY24. Ola Electric competes with Ather, Bounce Infinity, Hero, Revolt, TVS, Okinawa, among others.

IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%

Inc42 · 11m ago

IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%

Ola Electric, the electric mobility startup led by Bhavish Aggarwal, reported an increase in net loss for the financial year 2023-24. The company's net loss widened by 7.6% to INR 1,584.4 crore from the previous year. However, Ola Electric's operating revenue surged over 90% to INR 5,009.8 crore during the same period, driven by a substantial growth in vehicle sales. Ola Electric's initial public offering (IPO) is set to open for retail subscriptions from August 2 to August 6.

Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Inc42 · 1y ago

Ola Cabs parent ANI Tech’s FY23 revenue crosses INR 2,500 Cr mark, loss declines to INR 772 Cr

Ola Financial Services recorded a net loss of INR 54.6 Cr in FY23, compared to a profit of INR 8.6 Cr in FY22. Ola's parent company, ANI Technologies, reduced its consolidated net loss by 49.2% to INR 772.2 Cr in FY23. Ola's sales increased by 63% to INR 1,987.5 Cr, while its net loss decreased by 64.8% to INR 1,082.5 Cr in FY23. Ola's rival, Uber India, saw its net sales rise by 54% to INR 2,666.1 Cr in FY23, with a loss of INR 311.3 Cr. Ola Electric is also planning an IPO to raise funds.

Ather Energy rival Ola Electric's losses surge from Rs 784 Crore to Rs 1,472 Crore in FY23

IndianStartupNews

IndianStartupNews · 1y ago

Ather Energy rival Ola Electric's losses surge from Rs 784 Crore to Rs 1,472 Crore in FY23

Ola Electric, led by Bhavish Aggarwal, has reported a significant increase in net losses, almost doubling from Rs 784.1 crore in FY22 to Rs 1,472 crore in FY23. Despite a 510% increase in revenue, expenses contributed to the escalating losses, reaching Rs 3,383 crore in FY23. Ola Electric aims for EBITDA profitability of Rs 803 crore by FY25 and plans to achieve a revenue of Rs 4,655 crore in FY24. The company recently raised funds and is preparing for an IPO. Ola Electric sold 15 lakh electric vehicles in FY23 and remains confident in the growing Indian EV market.

IPO-Bound Ola Electric Bags PLI Automotive Certificate From ICAT

Inc42 · 1y ago

IPO-Bound Ola Electric Bags PLI Automotive Certificate From ICAT

Ola Electric has received a PLI-Automotive Certificate from ICAT, enabling its Ola S1 Pro (Gen2) two-wheeler to avail incentives under the production-linked incentive (PLI) scheme. The vehicle met the criteria for a minimum domestic value addition of 50% for the Automotive PLI certificate. The PLI scheme offers incentives for up to five consecutive financial years, ranging between 13% and 18% of the determined sales value. Ola Electric recently filed a draft red herring prospectus for an IPO, with plans to raise INR 7,250 Cr. In FY23, the company reported losses of INR 1,472 Cr and revenues of INR 2,630 Cr.

IPO-bound Ather converts itself into public entity

Entrackr

Entrackr · 1y ago

IPO-bound Ather converts itself into public entity

Electric scooter manufacturer Ather Energy has converted itself into a public company. This marks the company’s concrete step towards a definitive initial public offering (IPO) plan. The board at Ather has approved the resolution to change the company’s status from private to public. Its name has now changed from Ather Energy Private Limited to Ather Energy Limited. The company recently raised Rs 286 crore ($34 million) in a mix of debt and equity through venture debt and co-founders. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake with its recent investment of Rs 124 crore ($15 million) which materialized early this month. It has raised over $550 million to date and was valued at $750 million during its Series E round. According to Vahan data, Ather was the fourth largest two-wheeler EV manufacturer which controlled 9.45% market share in May. Ola Electric maintained the top position followed by TVS and Bajaj. Ather sold 6,024 units in the last month, up from 4,000 units in April. In March, its total sales stood at 17,000 units. Ather reported a flat scale during the fiscal year ending March 2024. Its revenue from operations decreased by a modest 1.5% decrease to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23. It competes with Ola Electric which got SEBI’s nod for its $660 million initial public offering this month. Ola Electric grew at an exponential rate in FY23 as its revenue from operations spiked seven-fold to Rs 2,631 crore in FY23. TVS, Hero Electric, River, and Okinawa are some other competitors of Ather.

Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue

Entrackr

Entrackr · 1y ago

Exclusive: IPO-bound Portea Medical raises $20 Mn via right issue

Home healthcare solution provider Portea Medical has raised around $20 million via rights issue. The capital raise comes amid its efforts to launch an initial public offering (IPO). The board at Portea has passed a special resolution to issue 69,206,452 Series D1 compulsory convertible preference shares (CCPS) at an issue price of Rs 23.96 per share, aggregating to Rs 165.8 crore or around $20 million to the equity shareholders of the company on a rights issue basis, the company’s regulatory filings with the Registrar of Companies show. It’s worth noting that Portea received a go-ahead signal from the SEBI to float a Rs 1,000 crore IPO in April last year. The Vaibhav Tewari-led company had filed a draft red herring prospectus (DRHP) in June 2022. Decade-old Portea provides services such as mother and child care, consultation for nutrition and diet, physiotherapy, nursing, lab tests, counseling, and elder care. It also offers a lab sample collection facility and medical equipment for sale or on hire. As per Portea’s website, the company has provided services to over 1 million patients and conducts 700,000 patient visits annually. Additionally, it has established partnerships with 63 leading hospitals. Portea’s revenue from operations declined 3.3% to Rs 145 crore in FY23 from Rs 150 crore in FY22, according to startup data intelligence platform TheKredible. The shrinking scale and fixed overheads led the firm to register a Rs 53 crore loss during FY23 against Rs 40 crore loss in the previous fiscal. It is yet to file audited financial statements for FY24. Portea will be the third company which has raised funding in 2024 after filing a DRHP. Earlier this month, Ola Electric raised $50 million in debt from EvolutionX whereas MobiKwik raised debt from Blacksoil in March. MobiKwik and Ola Electric filed their DRHP in December and January, respectively.

Ola Electric's FY23 financials will be a positive surprise: CEO Bhavish Aggarwal

Money Control

Money Control · 1y ago

Ola Electric's FY23 financials will be a positive surprise: CEO Bhavish Aggarwal

Ola Electric, an electric vehicle manufacturer, anticipates significant improvements in its FY23 revenue and profit compared to FY22, attributing the dip in FY22 profits to an investment year and the launch of scooter sales in January 2022. Despite widened losses in FY22, the company reported a substantial increase in consolidated revenue from operations. Ola Electric is confident about a strong FY23 performance as it expands manufacturing capacity and prepares for an IPO in 2024. The firm also plans to enter global markets, including the Asia Pacific region, by early 2024.

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