Bhavish-led Ola Consumer clocks 21% decline in revenue in FY24

Bhavish Aggarwal-run Ola Consumer, which runs the cab-hailing service, on Thursday reported 21 per cent decline in its consolidated revenue from operations and other income for the last fiscal (FY24). The company's consolidated revenue from operations and other income decreased by 21.06 per cent to Rs 2,368 crore as compared to Rs 3,000 crore in FY 23.

Meanwhile, its parent company ANI Technologies' standalone revenue stood at Rs 1,906 crore in FY24, down from Rs 2,135 crore in the previous year.

Ola Consumer said it achieved profitability at the EBITDA level in the mobility and financial services segment in FY24.

According to the company, it's full year EBITDA (excluding discontinued operations) grew significantly to Rs 271 crore from Rs 87 crore last year.

Ola Consumer has expanded its ride-hailing offerings, introducing premium services such as Prime Plus and expanding its two- and three-wheeler mobility services in tier 2 and 3 cities. It continued to induct electric vehicles into its fleet, citing their lower operational costs and increased demand.

In August, Ola launched Ola Coin, a rewards programme that offers incentives for transactions across its mobility, e-commerce, and logistics services.

Meanwhile, Ola Electric Mobility reported a massive net loss of Rs 564 crore in the third quarter (Q3 FY25), an increase of 13.94 per cent compared to a net loss of Rs 495 crore in the previous quarter (Q2 FY25).

On a year-on-year (YoY) basis, the net loss widened from Rs 376 crore in the same quarter last year (Q3 FY24) – a steep 50 per cent increase.

In its stock exchange filing, the company attributed the increased losses to "highly competitive intensity and service challenges" during the quarter.

The company's revenue from operations fell by 19.36 per cent YoY to Rs 1,045 crore in Q3 from Rs 1,296 crore in the year-ago period.