Olas mobility business in India logs Rs 250cr profit in FY23
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Ride-hailing company Ola's mobility business in India reported a profit of Rs 250 crore in FY23 against a loss of Rs 66 crore in FY22. Bhavish Aggarwal-run company's revenue grew 58 per cent to Rs 2,135 crore in FY23 from Rs 1,350 crore in FY22.
"In FY23, we challenged ourselves – to not just grow and scale, but to do this profitably. While our revenue continued to grow at a strong clip of 58 per cent, we became EBITDA positive in the India mobility business. One of the few consumer internet businesses in India to be profitable at this level," Aggarwal said.
The company launched Prime+ to offer customers premium services with better partners, superior in-ride experience, faster allocation and no cancellations.
Over 16,000 partners have been on-boarded across 7 cities and 1.9 million riders have availed Prime+ service so far, according to the company.
"We are continuously building on this service and will make it available to many more consumers in the near future," the company said.
In September 2023, Ola launched itsru e-bike service in Bengalur "Our service offered the most affordable electric two-wheeler rides in India, priced 30 per cent lower than those of our competitors. This pioneering move led to a substantial 40 per cent market expansion in the category within three months," said Ola's new CEO, Hemant Bakshi.
"To date, we have accomplished more than 1.75 million rides. In addition, we have also set up 200 charging stations in Bangalore to service our fleet," he said.
In FY23, the company integrated Artificial Intelligence (AI) into its care operations, aiming to elevate the overall customer and partner support experience.
"The results were remarkable, with a noteworthy 69 per cent improvement in resolution turnaround time. This underscores our commitment to leveraging cutting-edge technology for the benefit of our valued users and partners," said Aggarwal.
Ola also has 6 million monthly active users in its financial services platform.
"We provide services ranging from payments, lending, asset financing and insurance. We will continue to build on our current base with a clear focus on our own customers -- partners and riders," it said.
