ANI Technologies, Ola Consumer’s parent company, reported a consolidated net loss of 328.5 crore rupee (US$37.82 million) in FY24, a 57.46% improvement from 772.2 crore rupee (US$88.89 million) in the previous year.

This was largely driven by a 42.3% reduction in employee benefit expenses due to layoffs.

However, operating revenue fell by 5.48% to 2,011.9 crore rupee (US$231.62 million), impacted by rising competition from Rapido and BluSmart.

Ola Consumer generated 92% of its revenue from the “sale of services” segment.

Total expenditure decreased by 16.3% to 2,106.7 crore rupee (US$242.53 million).

ANI Technologies ceased sales and service support for electric scooters ahead of Ola Electric’s IPO in August 2024 and rebranded to ANI Technologies Ltd in November.

Ola Consumer continues to expand beyond ride-hailing, offering food delivery via ONDC and testing 10-minute grocery and food deliveries in Bengaluru.

The company operates 21 subsidiaries, including Ola Fleet Technologies and Ola Financial Services.

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