Ola registers strong revenue growth of 510% in FY 23; inches closer towards profitability

Ola Electric Mobility Business today announced that it has registered strong revenue growth in FY’23. The total revenue has gone up by 510%  in FY 23 to INR 2,782 Cr in FY 2023 from INR 456 Cr in FY 2022. Total revenue includes revenue from operations and other income. The Company has made strong and steady progress during FY 23. The EBITDA profit/(loss) for FY 23 has improved from (157%) in FY 22 to (43%) in FY 23.

The company has set in motion the following initiatives for strong growth and profitability in near future:

New Product portfolio: Ola recently expanded its S1 portfolio to five scooters with its Generation  2 platform. The company currently sells S1 Pro (2nd Generation), S1 Air and S1 X in three variants – S1 X+, S1 X (3kWh), and S1 X (2kWh)

Sales and service network expansion: Ola expanded its D2C omnichannel distribution network in FY 2023. As of October 31 CY 23, the company has 935 experience centres and 392 service centres

Strengthened R&D operations: Ola operationalized and strengthened research and development (“R&D”) facilities in India and the UK, focused on designing and developing core EV components and new EV products. Ola also commenced operation at their Battery Innovation Center (BIC) in Bengaluru, in August 2023, that is focused on developing cell and battery technology and manufacturing processes for their forthcoming cell manufacturing operations at the Ola Gigafactory. 

Ola Electric has a robust business model and has been at the forefront of shaping the future of mobility in India. The company continued its pole position in the EV 2W segment and retained its market leadership for over five quarters starting September 2022, with ~35% market share in November. The company recently posted their highest ever monthly by registering ~30,000 EV’s, with an impressive MoM growth of 30% and YoY growth of 82% compared to the corresponding period last year