Ola Consumer Achieves Full-Year Profitability in FY24

New Delhi, Feb 13 (PTI) Ride-hailing firm Ola Consumer on Thursday said it has achieved full-year EBITDA profitability in the mobility and financial services segments in FY24.

The Bengaluru-based firm said its full-year EBITDA -- earnings before interest, taxes, depreciation and amortisation -- (excluding discontinued operations) grew to Rs 271 crore compared to Rs 87 crore last year.

For the consolidated entity, the revenue from operations and other income for FY24 stood at Rs 2,368 crore against Rs 3,000 crore in FY23, the company said in a statement.

ANI Technologies, the company's parent entity, reported standalone total revenue at Rs 1,906 crore in FY24 over Rs 2,135 crore in FY23, it added.

The company said it has launched multiple growth initiatives across business verticals.

It has introduced premium ride-hailing services such as Prime Plus and expanded its two- and three-wheeler ride-hailing service to increase penetration into Tier 2 and Tier 3 cities.

Ola also continues to push for EV fleets owing to their lower total operating cost and lower pricing to consumers, leading to higher demand, and attracting more drivers on the platform, it added.

The company also introduced a rewards programme 'Ola Coin' in August 2024 that provides users with incentives on every transaction made on the Ola platform across mobility, e-commerce, and logistics services, it said.

The company initiated pilots to expand into food delivery, groceries, and related commerce segments using the ONDC network.

Ola currently fulfils over 80 per cent of all last-mile logistics requests on ONDC, it added.

The company provides last-mile delivery services to its partners on ONDC, and plans to offer automated and AI-enabled warehousing as a service to brands, Ola said.

Furthermore, Ola Consumer is focusing on onboarding sellers in order to build its catalog depth on ONDC while its AI Shopping Co-Pilot will allow users and partners across platforms to experience a cohesive and integrated shopping experience, it added.

In the financial services segment, the company said it introduced Ola Pay UPI, which uses UPI on the Ola Consumer App to pay for rides, food, and groceries.

Besides, the company further expanded into personal loans under Ola Financial Services, capitalising on its access to low-risk, premium customers, through the Ola Consumer platform, it added.