Ola posted a revenue of Rs 1,286 crore in the 2016-17 financial year, compared with Rs 758 crore in the year-ago period
Cab aggregator Ola reported a 70 percent surge in its revenue during the year ended March 2017. As per latest regulatory filings, the cab-hailing platform has posted a revenue of Rs 1,286 crore in the 2016-17 financial year, compared with Rs 758 crore in the year-ago period.
The turnover, reported by the Bengaluru-based company, includes revenue from subsidiaries Ola Fleet Technologies, Ola Electric Mobility, Ola Skilling and Zipcash Card Services.
The profit or loss of the company owned by ANI Technologies for FY17 has not been disclosed yet. In FY16, the cab-hailing startup had generated losses of roughly Rs 2,313 crore.
Ola recently launched operations in Australia – a market dominated by the US-based cab hailing giant. It has further plans to add as many as 10,000 electric vehicles under its services over the next 12 months as part of its ‘Mission Electric’ programme. This section is said to be dominated by electric rickshaws (also known as e-rickshaws).
It is also expecting to raise funding of $5-7 million in bikesharing startup, Vogo, along with venture capital investors Stellaris Venture Partners and Matrix Partners India, said the report. It is also reportedly in talks with new and existing investors, Singapore’s sovereign wealth fund Temasek, to raise $500 million-$1 billion.
The company, in September last year, raised $400 million from Chinese internet conglomerate Tencent, which turned its value to $4 billion.
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