Ola earned profit of crores for the first time in 10 years of starting business

Desk. Ola, a company providing cab service through mobile app, started business about 10 years ago. He never got any profit in these 10 years. The company said that it has benefited for the first time during FY21. Ola said its operating profit or earnings before interest, tax, depreciation and amortization (EBITDA) for the financial year ended March 2021 stood at Rs. 89.82 crores. In the last financial year, the company earned Rs. There was an operating loss of Rs 610.18 crore.

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Japan-based softbank group-investment Ola said the company’s revenue declined 65 per cent compared to the previous fiscal due to lower demand for ride-sharing during the lockdown. During this, the company received revenue of Rs 689.61 crore. This still helped Ola make a profit by cutting huge costs and reducing staff. Ola was started in 2010 by Bhavish Aggarwal. Ola is set to raise $1 billion through a public offering (Ola IPO) in the next few months.

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