Ola Achieves FY24 EBITDA Profitability with Strategic Expansion

Ola Consumer announced achieving EBITDA profitability for FY24 in its mobility and financial services. The company expanded premium ride services, launched the Ola Coin rewards program, and piloted food delivery. It focuses on EV fleet expansion, last-mile delivery via ONDC, and financial services through Ola Pay UPI.

Bengaluru-based ride-hailing company Ola Consumer has announced its achievement of full-year EBITDA profitability for FY24 in its mobility and financial services sectors. The company's earnings before interest, taxes, depreciation, and amortization grew to Rs 271 crore from a previous Rs 87 crore, marking significant growth.

The overall consolidated revenue from operations and other income reached Rs 2,368 crore, down from Rs 3,000 crore in the prior fiscal year, according to a company statement. ANI Technologies, Ola's parent entity, recorded a standalone total revenue of Rs 1,906 crore, a decrease from Rs 2,135 crore the previous year.

Ola Consumer has launched multiple initiatives, including premium ride services like Prime Plus and an expanded two- and three-wheeler ride offering. It is also emphasizing the transition to electric vehicle fleets. In the financial realm, Ola introduced Ola Pay UPI and expanded personal loan offerings while developing services on the ONDC network for logistics and AI-enabled retail experiences.