Ola, the online rental car-ride network company has shown an ebullient recent growth of almost 61% in its revenue during FY2018 which has reduced its consolidated losses by almost fifty percent i.e. Rs 2,842.2 crore, as per regulatory documents.
Ola’s consolidated revenue raised upto Rs 2,222.6 crore in the fiscal ended March 2018 from Rs 1,380.7 crore in the previous fiscal, showing a 60.9 per cent growth, as monitored by its operating company ANI Technologies.
The documents filed with the Corporate Affairs Ministry says, Ola’s revenues were up 44.6 per cent to Rs 1,860.6 crore in FY2018 by remarkably narrowing its standalone losses to Rs 2,676.7 crore, while compared to the previous financial year.
In FY2016-17, the company, had registered a loss of Rs 4,897.8 crore while in a neck to neck competetion with the American rival Uber, for market leadership in the Indian market.
Ola, being an Indian origin online transportation network company, established in 2011 by Bhavish Aggarwal and Ankit Bhati. It offers services in more than 110 cities in India and has more than 10 lakh employees to run cabs, auto-rickshaws, and taxis on its platform.
Ola tries its hand in international markets also and now it is successfully running in Australia, the UK and New Zealand. The company started its international operation last year only.
However, the growing revenue of Ola has not harmed the business of its rival Uber, the American based online cab service. Uber is doing well in Indian market whose net profit also grew to Rs 19.6 lakh in 2017-18, compared with Rs 3.22 lakh in 2016-17. It has done business of Rs 21.5 crore in the fiscal ended March 2018. Uber, being founded in the year 2009 and employing 12000 + employees, is the strong competitor of Ola whether it be national or international platform.
Curiously, the two adversaries facing each other on the food delivery space in India as well. The food delivery service of ‘Foodpanda’ comes under Ola and ‘UberEATS’ is of Uber. But both of them share SoftBank as their common investor.
