IPO-bound Ola Electric Reports $136 Million Operating Loss in FY23, Miss Revenue Goal

Ola Electric has most likely garnered an operating loss of $136 million in the financial year 2022-23, and thereby missed its publicly disclosed revenue goals, as per Reuters report. The leading electric scooter maker is preparing for its initial public offering worth $700 million.

It needs to be noted that Ola has not yet presented its FY23 financial earnings report, and this announcement is purely by sources to Reuters. The Softbank-backed company has not commented.

Sources with direct knowledge told the news agency that Ola's first full year of operations witnessed revenue of $335 million in FY23 with sales at over 150,000 units and an operating loss of $136 million. In the last month (March) of FY23, the company sold 21,400 electric scooters.

Ola has not previously filed its financial reports with Indian authorities -- and this allows them time till September to file the previous year's earnings.

Last year, in June, the company declared that it is on track to cross the $1 billion run rate by the end of this year and that the future forecast looks even stronger.