Ride-hailing giant Ola Cabs on Thursday (January 25) made a slew of announcements, including the appointment of Hemant Bakshi as the new chief executive officer (CEO) of Ola Mobility.
At an event in Bengaluru, the company also touted its financial numbers for the year ended March 2023 and laid out its plans for ‘aggressive growth’ in areas such as ride-hailing, financial services, logistics, and ecommerce.
The Bhavish Aggarwal-led company also said that its India mobility business broke even with ‘segment-adjusted’ EBITDA of about INR 250 Cr in FY23 against an EBITDA loss of INR 66 Cr in the year-ago period.
It also said that revenue of its India mobility arm jumped 58% to INR 2,135 Cr in the year ended March 2023 from INR 1,350 Cr in FY22.
Earlier this month, Inc42 reported that ANI Technologies, the parent of Ola, narrowed its consolidated net loss by about 50% to INR 772.2 Cr in FY23 from INR 1,522.3 Cr in the previous fiscal year. Sales jumped 42% to INR 2,799.3 Cr in FY23 from INR 1,970.4 Cr in FY22.
It is pertinent to note that ANI Technologies runs multiple businesses with different subsidiaries, including fleet services, cab services, and financial services.
Meanwhile, Ola also claimed that its consolidated EBITDA loss (excluding discontinuous businesses) improved to INR 29 Cr in FY23 against INR 291 Cr in the previous fiscal year.
In a statement, Ola Mobility’s new CEO Hemant Bakshi said, “As Ola’s India Mobility business turns profitable in FY23, it is a testament to the resilience and innovation that has defined our journey. Our focus on sustainable growth has not only fortified our financial standing but has also set the stage for an exciting future of expansion and industry leadership.”
The latest developments come days after Aggarwal-led EV major Ola Electric filed its draft red herring prospectus (DRHP) with the market regulator SEBI. The startup plans to raise INR 5,500 Cr via a fresh issue.
The post Ola Claims India Mobility Biz Turned EBITDA Positive In FY23, Appoints Hemant Bakshi As CEO appeared first on Inc42 Media.
