Ola Cab’s parent sees revenue uptick, loss reduction

ANI Technologies, Ola Cab’s parent company, saw a 42% surge in revenue to Rs 2,799 crore in FY23, up from Rs 1,970 crore in FY22. It also managed to almost halve its losses to Rs 772 crore in FY23, down from Rs 1,522 crore it had incurred the previous fiscal.

Ola’s core ride-hailing business generated Rs 1,987 crore in revenue, despite a Rs 1,082 crore loss in FY23. This stands out, when compared to Uber India’s Rs 679 crore revenue from rides during the same period. Ola likely tightened its belt in the ride-hailing segment, as evidenced by the significant drop in losses compared to FY22’s Rs 3,082 crore.