Bhavish Aggarwal-led Ola Electric’s net loss almost doubled to INR 1,472 Cr in the financial year ended March 2023 (FY23) from Rs INR 784.1 Cr in the previous fiscal year on the back of the company’s rising expenses.
The IPO-bound startup reported an EBITDA loss of INR 1,318 Cr in FY23 as its total expenses flared up to INR 3,383 Cr as compared to INR 1,240 Cr in FY22, Moneycontrol reported, citing financial statements.
However, the company saw its consolidated revenue surge by 510% to reach INR 2,782 Cr in FY23.
The company, in a note to investors and the bankers, said that it is targeting an EBITDA profitability of INR 803 Cr in FY25. It has also added that its EBITDA loss will come down to INR 950 Cr in FY24.
Meanwhile, the startup aims to hit revenue of INR 4,655 Cr in FY24.
As per earlier filings, Ola Electric saw its net loss almost quadruple to INR 784.1 Cr in the financial year 2021-22 (FY22) from INR 199.2 Cr in FY21.
The startup generated INR 348.2 Cr through the sale of products in the financial year ending on March 31, 2022, while it earned INR 19.7 Cr through the sale of its services.
Ola Electric anticipates its sales volume to reach 3 Lakhs in FY24 and further increase to 9 Lakhs Mn by FY25. In FY23, Ola sold 15 Lakhs units of EVs.
Recently, Ola Electric has converted into a public company. The startup is looking at a public listing in 2024 and will now file its draft red herring prospectus (DRHP) with the market regulator, SEBI.
As per reports, the startup plans to raise $700 Mn and looking to target a market capitalisation of $10 Bn through its IPO.
Ola Electric raised INR 3,200 Cr ($384 Mn) in a funding round, which was a mix of equity and debt. While the equity part was led by Temasek, the debt part of the round was led by the State Bank of India.
It has raised $998 Mn in total funding and counts Alpha Wave, DIG investment as among its other marquee investors.
Electric two-wheeler registrations grew 14% month-on-month (MoM) in November to cross the 85,000 units mark on the back of high demand for top electric vehicle (EV) manufacturers during the festive season. Ola Electric retained the top spot with its e-scooter registrations jumping over 14% MoM to 27,331 units in the month.
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