Ani Technologies Pvt Ltd, popularly known as Ola Cabs, has witnessed a significant increase in losses for the financial year 2021-22, according to financial data obtained by business intelligence platform Tofler. The ride-hailing company reported a loss of Rs 3,082 crore, marking a substantial rise compared to the previous year.
Tofler’s statement revealed that Ola Cabs recorded revenues of Rs 1,350 crore for the fiscal year 2021-22, reflecting a notable 49% increase from the preceding year. However, despite the growth in revenue, the company’s net loss surged by 132% compared to the previous financial year.
The statement highlighted that Ola’s total expenses for the fiscal amounted to Rs 1,539 crore, contributing to the widening gap between revenue and expenditure.
Despite attempts to seek clarification, Ola Cabs did not provide an immediate response to an email query sent regarding the financial data.
Ola Cabs operates across more than 250 cities in India, Australia, New Zealand, and the United Kingdom, offering ride-hailing services to millions of users.
