Ola Electric, led by Bhavish Aggarwal, reportedly sold more than 8,200 scooters to its parent company, ANI Technologies, until December 2023. ANI Technologies plans to launch and expand its electric bike taxi service in various Indian cities. The information was not disclosed in the draft red herring prospectus (DRHP) for Ola Electric's IPO, which was filed in December 2022, and was worth over Rs 7,000 crore.
According to an Ola Electric spokesperson, 8,206 Ola Electric scooters have been registered under ANI Technologies for its e-bike, parcel, and other delivery services. The report suggests that the number of e-scooters sold to Ola Cabs' parent and its subsidiaries between April 2022 and December 2023 was even higher, around 12,000 units.
Ola posted revenue of Rs 2,800 crore in the fiscal year 2022-23 and managed to reduce its losses by almost 50%. ANI Technologies recorded a 42% growth in revenue to Rs 2,799 crore in FY23 compared to Rs 1,970 crore in FY22. The company also reduced its losses by about 50% to Rs 772 crore in FY23 against Rs 1,522 crore in FY22. Ola Money registered Rs 85.5 crore in revenue with a loss of Rs 54.6 crore.
(With Agency Inputs)
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