Indian ride-hailing company Ola, backed by Japan's Softbank Group, has notched up its first-ever operating profit since beginning operations a decade ago, company documents showed on Tuesday.
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.
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The firm has also expanded into leasing cars and building electric scooters.
($1=74.8000 Indian rupees)
(Reporting by Aditi Shah; Editing by Clarence Fernandez)
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