Ola Electric registers whopping Rs 784cr loss in FY22

NEW DELHI: IPO-bound Ola Electric posted a net loss of Rs 784.1 crore in the financial year FY22, a four times jump from Rs 199.2 crore in FY21.

The company finally published its financial results for fiscal year 2021-2022, registering Rs 373 crore in operating revenue during FY22, as compared to Rs 0.86 crore in FY21.

As per its FY22 results filed with the Registrar of Companies (RoC), the total expenditure stood at Rs 1,240.4 crore in the reported fiscal year.

However, FY22 figures are not comparable with FY21 as the company started delivering electric scooters from December 2021 only, according to reports.

Bhavish Aggarwal-led Ola Electric is yet to file its audited financial report for FY23.

However, according to reports, Ola Electric has registered an operating loss of $136 million (roughly Rs 1,116 crore) and revenue of $335 million (roughly Rs 2,750 crore), missing its revenue goal disclosed publicly.

Last week, Ola Electric saw two more top-level exits. Slokarth Dash who is head of strategy and planning, and Saurabh Sharda, head of growth and corporate affairs, moved on.

Ola said in a statement that "Slokarth and Saurabh have delivered well for the company for over 7 years, and we wish them well in their future pursuits".

Meanwhile, leading US asset manager Vanguard has further slashed its holding in ride-hailing major Ola by more than half, which takes the company's valuation down to nearly $3.5 billion from $7.3 billion at the end of 2021, according to a TechCrunch report.

Ola has raised more than $3.9 billion over the years, according to public data.