Ola inching closer to profitability, may float IPO in two years: Report

Ola, the Indian cab hailing major and Uber’s main competitor in the country, has its fingers in a lot of things: core taxi business, two-wheeler transportation and logistics, and a full-fledged e-mobility venture. In a new development, the $7 billion Bengaluru-based firm is said to be looking at an initial public offering, or IPO, in two years.

According to a report in financial newspaper Mint, Ola is inching closer to profitability and may just churn out a small bottomline in its FY19 financials, which it hasn’t been released so far. In FY18, ANI Technologies, which operates the Ola brand, had losses of Rs 2,842 crore and revenues of Rs 2,222 crore, according to the company filings. The loss figure is lower than Rs 4,898 crore in FY17 but higher than Rs 2,314 in FY16.