Bengaluru based taxi aggregator Ola reported a loss of Rs 796 Cr for 2015 financial year
Taxi aggregator who has been facing troubles from government and competitors, now faces loses. As per regulatory filings Ola reports losses of Rs 796 Cr at financial year end 2015. This loss occurred at the cost of becoming market leader. 2016 year end financials have not been reported yet.
Ola and Uber have been competing with each other and trying to win over the Indian market. USA based Uber is well know is America and recently raised funding of $3.5 Billion from Saudi. They are planning to use this funding to invest in Indian market.
Ola run by ANI Technologies generated Rs 421 Cr revenue out of which Rs 380 Cr is coming from the car rental service while the company earned Rs 2.26 Cr through commission on taxi services. In terms of expenses it shelled out Rs 1,125 Cr, acquiring local rival Taxi For Sure, giving incentives to drivers, advertisements, promotional offers, and new customer acquisition. They get a fixed commission of 25% on each ride.
Ola got a breather of Rs 1,260 Cr from SoftBank, a month after Nikesh Arora joined the Japanese investor. Nikesh Arora parted from SotBank recently but is still going to support India startup ecosystem.
Ola is presently in more than 20 cities, raised $1.2B in funding from Tiger Global Management, Matrix Partners, SoftBank Group, Didi Chuxing and several other investors through which Ola has raised $1.2 billion so far. Ola is presently looking to raise another $300-$400M to regain its present market share.
Ola is trying to cover all modes of transportation with, Ola micro, Ola ride share, Ola premium for BMW/MERCEDES taxis, Ola air for helicopter rides, Ola bus and constantly trying to get into each and every transportation option.