IPO-bound Ola Electric recorded $136 million loss in FY23

economictimes.indiatimes.com:

India's largest e-scooter maker Ola Electric recorded an operating loss of $136 million on a revenue of $335 million in the last financial year which concluded in March, three sources told Reuters, missing its publicly disclosed revenue goal. The 2022/23 loss number of SoftBank-backed Ola Electric, which is preparing for an up to $700 million IPO, has not previously been reported or filed with Indian authorities, which allows time until September to file previous year's earnings. Ola declined to comment.

The e-scooter maker last year in June issued a statement saying it was «on track to surpass $1 billion run rate by end of this year» and «the future forecast looks even stronger.» The run rate is a financial indicator calculated by taking one month of Ola's revenues and multiplying by 12. But that revenue projection for 2022/23 was missed. Two sources with direct knowledge of its financials said Ola's first full year of operations saw it record a revenue of $335 million in year with over 150,000 unit sales, and an operating loss of $136 million.

Ola sold about 21,400 elecric scooters in March — the last month of the fiscal year 2022/23. Since it began sales in late 2021, Ola has become India's e-scooter market leader with a 32% share, competing with Ather Energy as well as companies like TVS Motor and Hero Electric. It was valued at $5 billion last year and has raised nearly $800 million from investors since 2019.