Ola's revenue shrinks 63% in FY21, faces loss of Rs 17,453 Cr due to COVID-19
By MYBRANDBOOK
The transportation business was hit hard by the pandemic globally and it had strangulated growth and revenue for the ride-hailing major Uber India and Ola.
The financial performance of Ola is far from being healthy in its 10th year of operations. On a standalone basis, Ola’s income fell by 63 per cent to Rs 77.2 crore in FY21 compared to Rs 2,073 crore in FY20.
Uber suffered over 47% decline in operating revenue in FY21, but Ola’s collections also faced a much higher erosion of 63%, amounting to Rs 983.2 crore during the fiscal ended in March 2021.
During FY20, its operating revenue had grown 4.7% YoY to Rs 2662.63 crore, according to the company’s annual financial statement.
Ola said that the revenue of the company was impacted severely due to prevailing COVID-19 pandemic circumstances and nationwide lockdown imposed by the Government of India.
In the auto ride business, the Bhavish Aggarwal-led firm said that the bookings recovered to 100 per cent of the pre-COVID-19 levels in August 2021 through a flat commission model which helped the partner drivers earn better.
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