As per registrar of the company, Ola, ride-hailing startup saw its misfortunes twofold to Rs 1,760 crore at the end of March 2016, when its rift intensifies with homegrown rivalry Uber for India.
Loss and revenues of Ola till 2015
As per report, Ola had faced a total loss of Rs 754 crore till the end of March 2015. The total revenue collected by the company is Rs 664 crore whereas it had submitted a revenue collection of Rs 100.32 crore in last year.
Loss of Ola this year and last year
It is observed that the total loss of Ola this year is Rs 2323.66 crore which is three times more than the last year losses which was Rs 796 crore. And for the same duration, its profit goes to Rs 758 crore this year from Rs 103.8 crore at last year.
Expenses of company of this year and last year
The parent company of Ola, ANI Technology had experienced that the expenses for advertising and sales increased to Rs 385 crore in the fiscal year 2016 which is four fold of expanses of last year which was Rs 100 crore.
These costs are basically for promoting the brand, expenses that are employed by the company to on board customers and improvise the overall experience of the customers.
Commissions accrued by the company has been increased by 5 times
The commissions accrued by Ola from the drivers have been increased by five times to Rs 325.41 crore at the end of fiscal year 2016. It also affirms that it’s owned share cab owns more than 70% of the taxi app market of the country.
While Ola owns a higher piece of the pie than Uber, both the organizations have been spending funds for reducing ride tolls amid the period to gain customers and fortify their presence in the market.
Company to cut its monthly expenses
The overall expenses for Ola’s staffs jump by more than five times at Rs 379 crore. The cab aggregator has been cutting down on its monthly consume rate by lowering driver incentives just like Uber. To carry on it’s advance over Uber, it has been launching multiple services like Share, Micro, Shuttle, a participation program Select, etc.
Funds acquired by the company
As per a report by TOI, taxi aggregator got Rs 1,675 crore in crisp subsidizing from its current speculator SoftBank at a lower valuation of $3 billion.
Before this, it had brought $500 million up at a valuation of $5 billion in November 2015. As per an informer, the organization may extend this round to suit new speculators.
Ola was established by Ankit Bhati and Bhavish Aggarwal in 2010. Now, it affirms that it is clocking 1 million rides every day while Uber has announced that its enrolling is 5.5 million rides per week and is the second biggest in market.
Apart from SoftBank, Ola ties with Chinese ride-hailing major Didi Chuxing, Tiger Global and DST Global as its financial specialists.