In brief: Ola’s losses narrow, while revenue grows 61%

India’s ride-hailing firm Ola has narrowed its consolidated losses to US$427.2 million and posted revenue growth of 60.9 percent for FY 2018. In a battle for dominance against rival Uber, Ola had previously registered losses of US$736.2 million for FY 2016-2017.

Aside from ride-hailing, Ola and Uber compete in the food-delivery space through Foodpanda and UberEats, respectively. In 2018, Ola forayed into international markets such as Australia, the UK, and New Zealand, where it also competes with Uber.

Source: Economic Times