Ola, which has a majority share of India's ride-hailing
market, where it competes with Uber Technologies, has a growing presence in
several global markets such as Australia and Britain.
Ola reported standalone operating profit or EBITDA (earnings
before interest, tax, depreciation and amortisation) of 898.2 million rupees
($12 million) for the fiscal year that ended in March 2021, versus a loss of
6.1 billion ($81.55 million).
Despite revenue down 65% from a year ago after a fall in
demand for ride-sharing amid pandemic lockdowns, Ola has turned profitable,
helped by aggressive cost cuts and a workforce reduction, the filing with the
government showed.
Founded in 2010 by Bhavish Aggarwal, Ola plans to raise up
to $1 billion through an initial public offering (IPO) in the next few months,
joining a slew of Indian start-ups preparing to list.
But the company is set to lose two top executives, its Chief
Financial Officer Swayam Saurabh and Chief Operating Officer Gaurav Porwal,
Reuters has reported.
The firm has also expanded into leasing cars and building
electric scooters.
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