IPO-bound Ola Electric recorded $136 million loss in FY23
India’s largest e-scooter maker Ola Electric recorded an operating loss of $136 million on a revenue of $335 million in the last financial year which concluded in March, three sources told Reuters, missing its publicly disclosed revenue goal.
The 2022/23 loss number of SoftBank-backed Ola Electric, which is preparing for an up to $700 million IPO, has not previously been reported or filed with Indian authorities, which allows time until September to file previous year’s earnings.
The e-scooter maker last year in June issued a statement saying it was “on track to surpass $1 billion run rate by end of this year” and “the future forecast looks even stronger.”
But that revenue projection for 2022/23 was missed. Two sources with direct knowledge of its financials said Ola’s first full year of operations saw it record a revenue of $335 million in year with over 150,000 unit sales, and an operating loss of $136 million.
