Ola Cabs, an Indian unicorn ride-hailing service provider, has released before going public its financial results for the first time in 10 years since its founding.
According to Economic Times and Livemint, official papers submitted by Ola's parent company ANI Technologies show that revenue declined 65% to INR689 million (US$9.22 million) for fiscal 2021. EBITDA turned from INR6.1 billion in loss from the previous year to a profit of INR890 million this year. After-tax net loss improved from INR1.71 billion to INR1.32 billion.
Amid the first wave of COVID in India, Ola had seen revenue collapse by 95% within just two months. But according to founder Bhavish Aggarwal, transaction has risen to pre-COVID levels at the end of August.
Following the second wave COVID outbreak, Ola was able to rebound faster than the first time, and user count reached 10 million.
According to Reuters, CFO Swayam Saurabh and COO Gaurav Porwal are leaving the company ahead of the IPO. Ola Electric, a spinoff from Ola Cabs, has launched its first e-scooter and plan to produce drones and flying cars in the future. The EV company raised US$200 million from Falcon Edge Capital, Softbank, and other investors this September, bringing company valuation to US$3 billion.
