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The ride-hailing major had posted loss of Rs 1,116 crore in FY21, the company’s financials sourced from market intelligence platform Tofler showed.
Even as the the ride hailing major’s business recovered from the pandemic led disruption – reflected in its revenue from operations which widened to Rs 1,970 crore in FY22 from Rs 983 crore in FY21 – expenses increased by 68% y-o-y to touch Rs 3,362 crore. Ola, which competes with Uber in India, recently had its valuation marked down by investor Vanguard, which slashed the value of its holding in the company by over 50% to $3.5 billion.
Meanwhile, the firm’s subsidiary Ola Electric, which is preparing for a public listing, saw its losses shoot up manifold to Rs 784 crore on a consolidated basis in FY22 from Rs 199 crore in the year-ago period. The firm’s revenue from operations expanded to Rs 373 crore.
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