ANI Technologies, Parent Company of Ola Cabs, Slashes Standalone Loss by 65% in FY23

ANI Technologies, the parent company of Ola Cabs, has reported a substantial reduction in its standalone net loss for the financial year 2022-2023 (FY23).


The company’s partial financial results, disclosed on its website on Wednesday, reveal a 65% decrease in standalone net loss, amounting to Rs 1,082 crore compared to Rs 3,082 crore in FY22. ANI Technologies experienced robust sales growth, a 63% increase from Rs 1,987.5 crore to Rs 1,220 crore.


In contrast, Uber India saw its net loss expand to Rs 311 crore in FY23 from Rs 197 crore in FY22. However, Uber India’s operating revenue rose 54% to Rs 2,666 crore in FY23.


ANI Technologies encompasses various Ola subsidiaries, including Ola Financial, Ola Fleet, and Ola Stores Technologies. On a consolidated basis, the firm reported a net loss of Rs 772 crore in FY23, with sales reaching Rs 2,799 crore.


Ola’s food delivery arm, Pisces eServices, marked a reduced loss of Rs 106 crore in FY23 compared to Rs 504 crore in FY22. 


However, the unit’s sales declined to Rs 1 crore in FY23 from Rs 114 crore in the previous year, indicating a strategic shift in Ola’s food delivery business, as reported by ET in May 2022.


Ola Fleet Technologies, the company’s cab leasing unit, reported a narrower loss of 17%, amounting to Rs 387 crore. Similarly, Ola Stores decreased its loss to Rs 81 crore in FY23 from Rs 150 crore in FY22.


In September 2022, Ola integrated an Open Network for Digital Commerce (ONDC)-linked food delivery feature into its app. This followed the company’s streamlining or closing of several food delivery and quick commerce experiments.


Facing competition from platforms like Rapido, Blusmart, and ONDC-backed Namma Yatri in India’s ride-hailing industry, Ola is navigating a landscape where new platforms and services are challenging established players by emphasizing improved customer service and driver satisfaction, as highlighted in a December 2022 report by ET.


In a related development, Ola Electric, a sister firm of Ola Cabs, filed a draft red herring prospectus (DRHP) on December 22, with plans to become the first electric vehicle (EV) startup in India to go public. 


Ola Electric aims to raise to Rs 5,500 crore through a fresh issue, coupled with an Offer for Sale (OFS) of 95.2 million shares.