Ola sees 70% rise in revenue

Indian ride-hailing company Ola has seen a 70% increase in revenue for the 2016/17 financial year, it has been announced.

Ola posted a revenue of $191mn (Rs1,286 crore) for 2016/17 compared to the previous financial year when the figure was just $113mn (Rs 758 crore). However, it should be noted that according to Live Mint the company posted a loss of $343mn (Rs2,313 crore) in FY 2015/6 and the current profit and loss figures have yet to be released.

See also:  

Ola buys Foodpanda’s India business from Delivery Hero

Softbank, Tencent and others invest $2bn in Ola

Go-Jek to invest $500mn expanding into new markets

However, the increase in revenue does point to positive results for the company, which is owned by ANI Technologies, and suggests it is standing up to an increasingly competitive market. Over the past five years, Uber has expanded into India and the companies, which are both backed by Softbank, are unclear about which has the biggest market share in the world’s second most populous country.

Ola was founded in 2011 by Bhavish Aggarwal and Ankit Bhati. It is now one of the largest ride-hailing companies in the world. The company states it has 900,000 vehicles on the road serving millions of customers every day across 110 cities, with over 10mn driver-partners on its platform and over 6000 employees.

Share

Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology