IPO-bound Ola Electric recorded operating loss of $136 mn in FY23: Report

New Delhi (IANS) IPO-bound Ola Electric has reportedly recorded an operating loss of $136 million (roughly Rs 1,116 crore) and revenue of $335 million (roughly Rs 2,750 crore), missing its revenue goal disclosed publicly.

The company reported sales of over 1,50,000 electric scooters for FY23, media reports said, citing sources.

In the first two months of FY23, Ola Electric claimed to have surpassed Rs 500 crore in revenue and was on track to surpass $1 billion by year’s end.

Ola has not commented on this development yet.

In May, US-based investment management company Vanguard slashed Ola’s valuation by 35 per cent amid global macroeconomic conditions, reducing its worth to about $4.8 billion.

According to a report in TechCrunch, Vanguard cut the valuation of Ani Technologies, Ola’s holding firm, by 35 per cent and disclosed this in its report to investors.

“It reduced the holding of its Ola shares to $33.8 million from the $51.7 million purchase price, according to an analysis of its filings,” the report noted.

Ola was valued at $7.3 billion at the close of 2021 and at $5.7 billion in a private funding round in January 2019.

In January, Ola laid off 200 employees from its Ola Cabs, Ola Electric, and Ola Financial Services verticals as part of the “restructuring” exercise. The company told IANS that it is “centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions”.

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