In FY22, Ola Electric reported a topline of INR 373 crore

• Published On: 3 October 2023
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In December 2021, Ola ventured into the scooter market, resulting in a widened net loss of INR 784.15 crore for the fiscal year 2021-2022, compared to INR 199.23 crore in the previous fiscal year.

Ola Electric, the manufacturer of electric two-wheelers, achieved operating revenue of INR 373.42 crore during the twelve-month period ending in March 2022, a substantial increase from INR 86 lakh in the corresponding period of the previous year.

Following the commencement of scooter sales in December 2021, the company founded by Bhavish Aggarwal experienced an escalation in expenses, leading to a broader net loss of INR 784.15 crore in FY22 compared to INR 199.23 crore in FY21.

These financial figures, which were disclosed by Ola Electric after an almost year-long delay, were sourced from the business intelligence platform Tofler. The company, headquartered in Bengaluru, observed a more than fourfold surge in total expenses during the reviewed fiscal year, reaching INR 1,240.41 crore from INR 305.41 crore in FY21. This increase was primarily attributed to a surge in the cost of consumed materials, rising from zero to INR 584.93 crore.

The majority of Ola Electric's revenue in FY22, amounting to over 90% or approximately INR 348 crore, was generated from the sales of scooters. The remainder came from the sale of subscriptions to its battery-swapping infrastructure. Over the course of FY22, the company managed to sell 14,403 electric scooters, with sales spanning only four months in the fiscal year. This number expanded to 152,753 units in FY23 – the inaugural complete year of sales – as reported by the VAHAN database. Impressively, the company secured the lead in electric two-wheeler sales by selling 18,333 units in July of the current year.

Last month, a Reuters report highlighted that Ola Electric registered an operating loss of USD 136 million against revenue of USD 335 million in FY23. The company is yet to submit its audited financials for the fiscal year concluding in March 2023 to the Registrar of Companies. As per the stipulations set forth by the Ministry of Corporate Affairs, businesses are allotted time until September of the subsequent year to file their annual financial statements for the preceding fiscal.

In March of this year, Ola Electric was in the midst of planning to secure a fresh funding round of USD 250-300 million for expanding its two-wheeler operations and financing its projected battery facility. In January of the prior year, the two-wheeler company successfully raised USD 200 million from investors including Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others, achieving a valuation of USD 5 billion.