Ola's mobility business in India reported a profit of Rs 250 crore in FY23, marking a turnaround from a loss of Rs 66 crore in FY22. The ride-hailing company's revenue grew by 58% to Rs 2,135 crore in FY23, up from Rs 1,350 crore in FY22. Ola's founder and CEO, Bhavish Aggarwal, emphasized the company's focus on profitable growth, making it one of the few consumer internet businesses in India to achieve profitability at this level.
Ola introduced the Prime+ service, offering premium services with better partners, an enhanced in-ride experience, faster allocation, and no cancellations. The service has garnered over 16,000 partners across seven cities, with 1.9 million riders availing the Prime+ service.
In September 2023, Ola launched its e-bike service in Bengaluru, providing affordable electric two-wheeler rides that were 30% lower in price than competitors. The move led to a significant 40% market expansion in the category within three months, with over 1.75 million rides completed. Ola also set up 200 charging stations in Bangalore to service its e-bike fleet.
The company integrated Artificial Intelligence (AI) into its care operations in FY23, resulting in a remarkable 69% improvement in resolution turnaround time. Ola's financial services platform boasts 6 million monthly active users, offering services ranging from payments, lending, asset financing, and insurance. The company remains committed to leveraging technology for the benefit of its users and partners while maintaining a clear focus on customer satisfaction.
(With Agency Inputs)
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