Ola’s Revenue Crashes 42% as Losses Double Ahead of IPO Push

Ola Consumer’s parent entity, ANI Technologies, reported a sharp decline in revenue for the financial year ended March, as intensifying competition in the ride-hailing segment continued to weigh on its business performance.

The company posted a 42% drop in revenue to ₹1.71 crore in FY25, amid a loss in market share to rivals such as Rapido and Uber. At the same time, losses widened significantly to ₹662.4 crore from ₹328.7 crore in the previous financial year.

Despite the weak financial performance, Ola is moving ahead with plans for its initial public offering (IPO) after receiving board approval, according to documents filed alongside its financial results.

“The management believes that the company has sufficient resources including liquid investment in listed entities and strategic plans in place to meet its financial obligations and continue its operations for the foreseeable future,” the company said in its filing.

The company has been under financial pressure over the past year. In November 2025, ratings agency Moody’s downgraded ANI Technologies’ credit rating to Caa1 from B3 and assigned a negative outlook, citing weakening operating performance that was straining liquidity and increasing the risk of breaches in loan covenants.

In March, Ola Electric sold 10,118 vehicles, translating into a 5.4% market share, sharply lower than the more than 22% share it held in April 2025.

Ola Electric said its mass-market electric scooter, the S1 X+ (5.2kWh), has received approval under the Central Motor Vehicle Rules (CMVR), 1989 from the International Centre for Automotive Technology (ICAT), Manesar — a government-certified testing agency.

The company said the S1 X+ (5.2kWh), powered by its indigenously developed 4680 Bharat Cell battery pack, is now the longest-range offering in its mass-market scooter portfolio.

“The government certification of the S1 X+ 5.2 kWh is a significant milestone as we bring our in-house developed 4680 Bharat Cell technology to the mass market at scale,” an Ola Electric spokesperson said.