Ola Electric sold over 8K e-scooters to its parent firm till Dec 2023: Report

New Delhi, Jan 11 – Bhavish Aggarwal-led Ola Electric reportedly sold more than 8,200 scooters to its parent company ANI Technologies till December 2023, which plans to launch and expand its electric bike taxi service in several Indian cities, a media report has said.

However, the company did not disclose the related party transactions in its DRHP for an IPO worth over Rs 7,000 crore, which was filed in December last year, reports Mint.

The draft papers carried Ola Electric’s financial statements till June 30, 2023.

“Till date, 8,206 Ola Electric scooters have been registered under ANI Technologies for its e-bike, parcel and other delivery services. In total, 2.17 per cent of our overall registrations till date have been under ANI Technologies,” an Ola Electric spokesperson was quoted as saying.

Further, the report, citing sources, said that the number of e-scooters sold to Ola Cabs’ parent and its subsidiaries between April 2022 and December 2023 was even higher — about 12,000 units.

Meanwhile, Ola has posted Rs 2,800 crore revenue in the fiscal year 2022-23, while managing to cut its losses by almost 50 per cent.

ANI Technologies registered a 42 per cent growth in revenue to Rs 2,799 crore in FY23, compared to Rs 1,970 crore in FY22, as per the audited financial results available on Ola’s website.

The company cut down its losses by about 50 per cent to Rs 772 crore in FY23 against Rs 1,522 crore in FY22.

Ola Money registered Rs 85.5 crore revenue with a loss of Rs 54.6 crore.

shs/prw

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