Ola announces EBITDA positive status for its India mobility business in FY 2023 and appoints Hemant Bakshi, former Unilever executive, as CEO for Ola Mobility. The company emphasizes aggressive growth in ride-hailing, financial services, logistics, and e-commerce.
In terms of financials, consolidated entity revenue for FY2023 reached Rs 3,000 crore, compared to Rs 2,120 crore in FY2022. The EBITDA loss (excluding discontinued business) reduced to Rs 29 crore from Rs 291 crore a year ago. Ola’s India Mobility business, ANI Technologies Standalone, achieved a 48% growth in total revenue to Rs 2,135 crore from Rs 1,350 crore last year, with a segment-adjusted EBITDA of approximately Rs 250 crore.
Ola envisions serving a billion Indian consumers and empowering 10 million partners economically. The company outlines key focus areas:
- Premiumisation: Expanding the multi-city Prime plus experience with a loyalty program and luxury cars.
- Electrification: Disrupting the two-wheeler segment with affordable electric rides.
- Technology: Enhancing customer and partner services through innovations like Ola Maps and AI-powered customer care.
- Financial Services: Strengthening the asset finance vertical with bank tie-ups, improved insurance, and a focus on partner and rider experiences.
- Logistics and e-commerce: Utilizing a multi-work model and leveraging ONDC with a vast customer base, financial services, gig-worker platform, and technology capabilities.
