Ola cuts down losses on way to profitability, revenue up 61% at Rs 2,223 cr

Revenues from its wallet business jumped more than two times at Rs 56.71 crore in FY18, though losses rose 62 per cent to Rs 40.62 during this period

Home-grown riding-hailing firm Ola has widened its revenues while cutting down on losses in FY18. According to a filing by ANI Technologies, the firm that owns the brand, Ola saw a 61 per cent rise in its revenues in FY18 at Rs 2,223 crore, backed by strong growth in bookings as well as its leasing business. The data was sourced from business intelligence platform Paper.vc. Unlike the previous year, revenues surged by burning lesser cash. Losses during the period came down to Rs 2,844 crore, a 42 per cent decline over the previous year. 

In a disclosure with the RoC