Cab aggregator Ola has incurred a consolidated loss before tax of USD360 Mn in FY16, as per regulatory filings with the Ministry of Corporate Affairs. This is almost double of its losses last year, which was about USD123.9 Mn.
As per filings, the consolidated revenue for ANI Technologies Pvt. Ltd (Ola’s parent company) was about USD117.9 Mn for the year ended March 2016. The revenue is inclusive of subsidiaries such as Ola Fleet Technologies and TaxiForSure parent Serendipity Infolabs. In the previous year, this number was about USD16.1 Mn.
Till date, Ola has raised equity funding of USD1.5 Bn in nine rounds from about 20 investors. The company founded by Bhavish Aggarwal and Ankit Bhati, integrates city transportation onto a mobile technology platform. The platform allows users across 102 cities to book from over 5,00,000 vehicles across cabs, auto-rickshaws and taxis. Apart from this, they also provide shared mobility services on its platform like Ola Shuttle and Ola Share for commute and ride-sharing respectively.
The expenses done to meet cost of salaries and wages for ANI Technologies increased to about USD 59.3 Mn in FY16, as opposed to only USD11.5 Mn in FY15. On the other hand, the consolidated cost of advertising and sales promotion increased to about USD68 Mn.
Back in November 2016, ANI Technologies had secured USD260 Mn from its largest stakeholder SoftBank Group. SoftBank facilitated the investment via its subsidiary arm, SIMI Pacific Pte Ltd in Ola’s parent company ANI Technologies Pvt. Ltd. In February 2017, Ola raised USD350 mn from existing and new investors, at a valuation of USD3.5 Bn.
The past year as such has not been great for the App-based cab aggregators. As they have been facing continuous issues with Central and State governments regarding surge-pricing as well as licensing.