Ola Cabs' losses in FY25 surge to ₹662.4cr
What's the story
Ola Cabs, one of India's leading ride-hailing services, has reported a massive increase in its consolidated losses for the financial year 2024-25. The company's net loss widened to ₹662.4 crore from ₹328.7 crore in FY24, according to a regulatory filing accessed by Tofler. This sharp rise in losses is mainly attributed to a major drop in sales during the fiscal year.
Revenue drop
Revenue plummets by over 40%
Ola Cabs's consolidated revenue also took a major hit, plummeting by some 42% to ₹1,170.9 crore in FY25 from ₹2,011.9 crore in FY24. The company's service sales revenue fell by about 38% to ₹1,147.9 crore from ₹1,854.4 crore on a YoY basis. Product sales also witnessed a major decline of nearly two-thirds to only ₹90 lakh in FY25 from ₹2.8 crore in FY24.
Cost-cutting measures
Ola cuts employee expenses
In light of the financial downturn, Ola Cabs has cut its employee expenses by over a third to ₹205.2 crore in FY25 from ₹333.8 crore in the previous fiscal year. According to Tofler's analysis, the company's net worth has nearly halved to ₹2,025.3 crore in FY25 from ₹3,991.27 crore in FY24. On a standalone basis, Ola Cabs's loss also widened significantly during this period.
Financial performance
Standalone loss also widens for Ola
On a standalone basis, Ola Cabs's loss widened to ₹697.6 crore in FY25 from ₹504.8 crore in FY24. The company reported revenues of ₹1,060 crore for the fiscal year 2024-25, a 44% drop from the previous year. This financial downturn is reflected in its net loss of ₹698 crore during this period, a 38% increase over last fiscal year.