Ride-hailing company Ola, run by ANI Technologies, widened its losses further, even though the Bengaluru-based company showed strong improvement in its revenues in 2016-17.
Losses incurred by the company rose 56 per cent to Rs 48.98 billion in 2016-17, against Rs 31.5 billion in the previous financial year, according to the company’s latest filing with the Registrar of Companies which was sourced from data and business intelligence platform Paper.vc. Higher employee-related expenses as well as substantial increase in finance costs added to losses.
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Losses posted by the company in 2016-17 was more than three and half times of its revenues during the period, which stood at Rs13.8 billion. In the previous financial year, losses were close to four times of the revenues generated by the company during the period.
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In the year ended March 31, 2017, the company’s revenues grew 70 per cent.