IPO-Bound Ola Electric's Losses Swell By 8%; Revenue Increases In FY24

As one of the biggest names in India's tech/start-up story, Ola Electric gears up for its Initial Public Offering (IPO), its numbers from the previous fiscal year or FY24, have emerged. This information was published in its Red Herring Prospectus (RHP) document.

Ola Losses Widen 8%

Here, a Red Herring Prospectus (RHP) is a preliminary document that a company files with the market regulator, the Securities and Exchange Board of India (SEBI) when it plans to public.

According to a report by Moneycontrol, the company's performance improved in terms of revenue, but the losses incurred continued to rise. The Bengaluru-based company saw its losses jump by 8 per cent in the previous fiscal year.

The numbers that stood at Rs 1,472 crore in FY23, crept up to Rs 1,584 crore in the subsequent year.

Although, when it comes to the company's overall revenue in the same period, that figure saw a jump. Ola Electric saw its revenue reach the milestone of Rs 5,000 crore.

The operating revenue, which stood at Rs 5,009 crore, was a result of a 90 per cent jump, compared to its previous fiscal year.

Ola In IPO Season

The Bhavish Aggarawal-led tech company's expenses also saw a rise of over 60 per cent rise. The expenses reached the mark of Rs 6,277 crores.

Coming to the much-talked-about IPO of the company, the figures are even more staggering. The IPO is scheduled to take place on August 2. The IPO will reportedly value the company at over USD 4.2 billion or around Rs 5,500 crore.

The company is among some of the major names that are lining up to go public. Swiggy, another major 'startup' is also expected to go public. In addition Hyundai's Indian arm is also expected to fetch big, when it goes public later this year.

So far, the state-owned LIC or Life Insurance Corporation of India, holds the record for the biggest IPO in India, when it managed to raise USD 2.45 billion or Rs 21,000 crore, in 2022.