Ola Fleet revs up FY17 revenue nearly 18 times
Ola Fleet Technologies Pvt. Ltd, the cab-leasing arm of Ola, posted a steep rise in revenue for the financial year 2016-17 but higher costs widened its loss.
Standalone operating revenue rose 18 times to Rs 98.4 crore in 2016-17 from Rs 5.6 crore the year before, according to Registrar of Companies filings sourced by VCCEdge, the data research platform of News Corp VCCircle.
Standalone net loss widened to Rs 71 crore from Rs 13.3 crore in 2015-16. Total expenditure jumped to Rs 171.6 crore from Rs 22.5 crore.
Ola, run by ANI Technologies Pvt. Ltd, did not respond to email queries till the time of filing this report.
The cab aggregator had launched the leasing arm in 2015 and has pumped a lot of money into it.
In October last year, Ola Fleet received Rs 50 crore from its parent company. According to regulatory filings, Ola Fleet received the capital after allocating 50 million equity shares at Rs 10 apiece.
Ola had pumped in Rs 50 crore in February last year and another Rs 100 crore in July into the cab-leasing arm, previous filings showed.
In September last year, VCCircle had reported that Ola Fleet had availed a term loan of Rs 1,000 crore from Yes Bank to finance the purchase of commercial vehicles.
In October last year, the parent company had raised $400 million (Rs 2,620 crore then) from Chinese internet giant Tencent.
Ola is valued over $4 billion, according to VCCircle estimates. Total funding raised by Ola to date is around $1.93 billion.