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Ola reports consolidated revenue of Rs 1,970 crore; losses mount to Rs 1,522 crore
Money Control
·
2y ago
Medial
Ola reports consolidated revenue of Rs 1,970 crore while incurring losses of Rs 1,522 crore. The ride-hailing company's financial data underscores the ongoing challenges in achieving profitability within the competitive ride-sharing industry. Despite significant revenue, mounting losses highlight the need for sustainable business strategies and cost management to navigate the complex dynamics of the transportation sector.
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Ola Electric’s CBO Ankush Aggarwal joins Ola Financial Services as CEO
Entrackr
·
1y ago
Medial
ANI Technologies, the parent company of ride hailing company Ola, has appointed Ankush Aggarwal as the chief executive officer of Ola Financial Services. His appointment comes on the backdrop of resignation of Hemant Bakshi as CEO of the ride hailing business. Bakshi was leading the mobility business along with a focus on key businesses such as financial services, logistics, and e-commerce. As per an ET report, Ankush Aggarwal will be a part of the senior leadership of Ola Cabs. In March 2022, Ankush Aggarwal (brother of Ola’s founder Bhavish Aggarwal) sold his startup Avail Finance to ANI Technologies for about $50 million in a share swap deal. After the deal, he joined Ola Electric, a separate company founded by Bhavish Aggawral, as the chief business officer (CBO). While Ola is yet to name the new chief executive of the ride hailing business, Bhavish Aggarwal will look after the day-to-day operations of the company. Entrackr has reached out to Ola for comment. Earlier this year, Ola announced that it had turned EBITDA profitable in FY23. During the period, its revenue jumped 42% to Rs 2,799 crore as compared to Rs 1,970 crore in FY22. The firm managed to cut down its losses by nearly 50% to Rs 772 crore during FY23 against Rs 1,522 crore in the previous year. Also Read: Startups rope in new CEOs amid cash crunch, layoffs, profitability and IPO plans Ola Money, which is operated by Ola Financial Services, recorded Rs 85.5 crore revenue with a loss of Rs 54.6 crore while the cab leasing firm Ola Fleet Technologies’ revenue stood at Rs 189.9 crore with Rs 387.6 crore loss in FY23. Last month, Ola announced that it is rolling back its services from international markets such as the UK, Australia and New Zealand. The move is likely due to its shift in attention towards launching an initial public offering. As per media reports, Ola is gearing up for the IPO and has finanlised book running lead managers for going public.
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Ola Electric reports Rs 373 crore topline in FY22; losses widen on scooter sales launch
Economic Times
·
2y ago
Medial
Ola Electric reports Rs 373 crore in revenue for FY22 but records increased losses due to the launch of scooter sales. Despite healthy topline growth, losses widened due to significant expenses associated with launching scooter products. Ola Electric's financial performance underscores the challenges in scaling up operations and entering new markets, highlighting the complexities of the electric vehicle industry's expansion.
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Ola Electric shares surge over 15% on strong FY26 outlook, despite widening YoY loss
YourStory
·
1m ago
Medial
Ola Electric's shares surged over 15% as the company projected strong revenue and vehicle sales for FY26, despite a 23% year-on-year increase in consolidated losses for Q1. The electric vehicle maker anticipates FY26 revenue between Rs 4,200 crore and Rs 4,700 crore and plans to sell up to 3,75,000 vehicles. Ola reported improved EBITDA for its auto business, with benefits from Production Linked Incentive schemes and cost optimization efforts contributing to a promising outlook.
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Ola Electric losses surge 2X to Rs 862 Cr in Q4 FY25, revenue declines 62%
Entrackr
·
3m ago
Medial
Ola Electric saw a 62% year-on-year decline in revenue in Q4 FY25, while its losses surged 106%, underscoring a tough quarter for the SoftBank-backed electric mobility company. Ola Electric witnessed a turbulent financial performance during the fourth quarter of FY25, as its revenue saw a sharp year-on-year decline of 62%. In parallel, the company’s losses more than doubled, indicating the mounting challenges faced by the SoftBank-backed electric mobility firm. Ola Electric’s revenue from operations decreased to Rs 611 crore in Q4 FY25 from Rs 1,598 crore in Q4 FY24, its consolidated financial statements sourced from the National Stock Exchange show. For the full fiscal year (FY25), Ola Electric’s operating revenue decreased 10% to Rs 4,514 crore in FY25 from Rs 5,010 crore in FY24. Income from the sale of electric scooters was the sole source of revenue for Ola Electric while the collection from the sale of batteries contributed only a small portion in the last quarter of the previous fiscal year. For the EV scooter maker, material procurement made up 33% of the total costs at Rs 527 crore in Q4 FY25. Other major expenses included employee benefits, advertising, and technical support, pushing the total quarterly burn to Rs 1,598 crore. For the full fiscal year ending March 2025, total expenses rose to Rs 7,185 crore. A higher decline in sales caused Ola Electric's losses to rise by 106% in Q4 FY25, reaching Rs 862 crore compared to Rs 418 crore in the same quarter of the previous fiscal year (Q4 FY24). For FY25, the firm’s losses stood at Rs 2,276 crore in FY25, up from Rs 1,584 crore in FY24. Recently, Ola Electric Mobility has approved a plan to raise up to Rs 1,700 crore through debt instruments. The Bhavish Aggarwal-led company secured the second position in the electric two-wheeler segment in April, with TVS Motor emerging as the market leader. For the first time, Ather Energy has surpassed Ola Electric in quarterly revenue. In Q4 FY25, Ather reported an operating revenue of Rs 676 crore, ahead of Ola Electric’s Rs 611 crore. At the close of today's trading session, Ola Electric's stock was priced at Rs 53.20, giving the company a market capitalization of Rs 23,465 crore.
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Ather Energy rival Ola Electric's losses surge from Rs 784 Crore to Rs 1,472 Crore in FY23
IndianStartupNews
·
1y ago
Medial
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.
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Ola Electric losses surge 50% to Rs 564 Cr in Q3 FY25, revenue declines
Entrackr
·
6m ago
Medial
url: https://entrackr.com/news/ola-electric-losses-surge-50-to-rs-564-cr-in-q3-fy25-revenue-declines-8698803. Content: Ola Electric reported its Q3 FY25 results on Friday, showing a 19.4% year-on-year decline in revenue. At the same time, the company's losses grew by 50%, highlighting a challenging quarter for the SoftBank-backed electric mobility firm. Ola Electric’s revenue from operations decreased to Rs 1,045 crore in Q3 FY25 from Rs 1,296 crore in Q3 FY24, its unaudited consolidated financial statements sourced from the National Stock Exchange show. Income from the sale of electric scooters was the sole source of revenue for Ola Electric while the collection from the sale of batteries contributed only a small portion in the third quarter of the ongoing fiscal year. For the EV scooter manufacturer, the cost of procurement of materials accounted for 56% of the total cost which stood at Rs 851 crore in Q3 FY24. Employee benefits, advertising, and technical support were some other cost centers, taking the total burn to Rs 1,505 crore in Q3 FY25. A decline in sales and fixed costs caused Ola Electric's losses to rise by 50% in Q3 FY25, reaching Rs 564 crore compared to Rs 376 crore in the same quarter of the previous fiscal year (Q3 FY24). In January, Ola Electric regained its top spot in the electric two-wheeler (EV 2W) segment, capturing a 24.91% market share with 24,330 units sold, according to Vahan data. TVS Motors followed in second place, selling 23,788 units, while Bajaj Auto claimed a 21.80% market share with 21,294 units sold.
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Toothsi parent MakeO reports flat revenue in FY24; losses trim 32%
Entrackr
·
7m ago
Medial
Toothsi parent MakeO reports flat revenue in FY24; losses trim 32% Following over twofold growth in FY23, MakeO, the parent company of Toothsi and skincare brand Skinnsi, reported stable revenue for the fiscal year ending March 2024, but succeeded in reducing its losses by 32%. MakeO’s revenue from operations saw a modest increase of 6.5% to Rs 179 crore in FY24 from Rs 168 crore in FY23, according to its consolidated financial statements filed with the Registrar of Companies. Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO began as the aligner brand Toothsi and later consolidated its flagship brands, including Skinnsi, to offer dental, skin, and hair treatment solutions. The sale of tooth aligners accounted for 69.2% of the operating revenue, increasing by 7% to Rs 124 crore in FY24. The rest of the revenue came from Skinnsi services, including laser hair reduction, facials, anti-aging treatments, and skincare products. Employee benefits remained the largest cost center at 36% of overall expenditure, amounting to Rs 119 crore in FY24. Consultant fees and marketing costs were reduced by 57% and 24%, respectively, to Rs 26 crore and Rs 69 crore in FY24. Other expenses totaled Rs 332 crore in FY24, down from Rs 395 crore in FY23. The cutback in costs helped MakeO reduce its losses by 31.8% to Rs 150 crore in FY24 from Rs 220 crore in FY23. Its ROCE and EBITDA margin stood at -77.3% and -66.12% with an expense-to-earnings ratio of Rs 1.85. At the end of FY24, MakeO’s current assets were Rs 153 crore with cash and bank balances of Rs 93 crore. MakeO has raised over $90 million to date, including $16 million led by 360 One Asset and the investment office of Ashish Kacholia. Eight Roads Ventures is the largest external stakeholder, followed by Think Investment.
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Ola Electric reports Rs 1,644 Cr revenue in Q1 FY25; losses fall 17%
Entrackr
·
1y ago
Medial
Electric mobility company Ola Electric has filed its first-ever quarterly result after becoming a public entity early this month. The company managed to improve its topline by 2.9% Q-o-Q while the losses for the SoftBank-backed firm declined by 16.6% in the same period. Ola Electric’s revenue from operations increased to Rs 1,644 crore in Q1 FY25 from Rs 1,598 crore in Q4 FY24, its unaudited consolidated financial statements sourced from the National Stock Exchange show. Income from the sale of electric scooters was the sole source of revenue for Ola Electric while the income from the sale of batteries contributed only a small portion in the first quarter of the ongoing fiscal year. For the EV scooter manufacturer, the cost of procurement of materials accounted for 72.5% of the total cost which stood at Rs 1,341 crore in Q1 FY24. Employee benefits, advertising, and technical support were some other cost centers, taking the total burn to Rs 1849 crore in Q1 FY25. The marginal increase in sales and cost-effective measures helped Ola Electric to control its losses by 16.6% to Rs 347 crore in Q1 FY25 as compared to Rs 416 crore in the last quarter of FY24. As per Vahan data, Ola Electric has continued to maintain its supremacy in electric two-wheeler space as it sold 41,597 units in July with a market share of 39%. TVS came in second place followed by Bajaj Auto, Ather Energy and Hero MotoCorp. In FY24, Ola Electric sold 3,29,618 scooters in FY24 — almost 2X as compared to FY23. This also reflected in the company’s scale which grew nearly two-fold to Rs 5,010 crore in FY24 from Rs 2,631 crore in FY23. Ola Electric went public this month and raised Rs 5,500 crore fresh issue and an offer for sale of up to 84,941,997 shares amounting to Rs 646 crore. The firm is currently trading at Rs 111 (as on 04.58 PM) with a total market capitalization of Rs 48,955 crore (approximately $5.9 billion)
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Byju’s reveals Rs. 8300 Crore loss at heated shareholder meet
The Arc Web
·
1y ago
Medial
Edtech platform Byju's reported consolidated losses of nearly Rs 8,300 crore ($1 billion) for FY22 during their annual general meeting. The losses are linked to various factors, including the decision to write off the acquisition of coding platform WhiteHat Jr. Byju's also disclosed consolidated revenues of over Rs 5,000 crore for the year, which marked a 2X increase from the previous fiscal year. Despite missing the revenue target of Rs 10,000 crore, Byju's aims to file the audited financials for FY22 with the ministry of corporate affairs soon.
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Ola Electric early investors Z47, Tiger Global pare stakes - The Economic Times
Economic Times
·
27d ago
Medial
Two early investors, Z47 and Tiger Global Management, have reduced their stakes in Ola Electric Mobility. Z47, formerly Matrix Partners India, sold less than 1% of its stake, earning Rs 187 crore, now holding shares worth Rs 347 crore. Tiger Global reduced its stake to 3.24%, valued at Rs 585 crore. Ola Electric's revenue halved and losses widened amid fierce competition, prompting a strategic shift towards profitability, according to founder Bhavish Aggarwal.
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