Ola Consumer, previously known as Ola Cabs, has reported a significant decline in its financial performance for FY25, including a 41% drop in revenue and substantial losses. The company faced scrutiny for filing its annual financial statement over six months late, well past the statutory deadline of October 30.
In its recent filings, Ola Consumer revealed a consolidated revenue of ₹1,171 crore and a staggering loss of ₹1,974.7 crore, a stark contrast to the profit of ₹531.4 crore reported the previous year. A notable part of this loss stemmed from a ₹1,312 crore depreciation in the value of Ola Electric's shares between August 2024 and March 2025. Excluding this, the company's losses amounted to ₹662.4 crore, compared to ₹328.7 crore in FY24.
Delayed Filings Raise Concerns
The late filing of financials has raised questions about Ola's compliance with regulatory standards. In response to inquiries regarding the delay, Ola attributed it to administrative reasons, stating that the financials were audited and finalized by September 15, 2025, and adopted during the AGM on December 31, 2025.
Despite the outgoing auditor, S.R. Batliboi & Associates LLP, providing an unqualified opinion on the financials, they highlighted concerns over loan write-offs totaling ₹2,600 crore to subsidiaries during the year. The board acknowledged these observations, indicating that the write-offs were based on assessments of the subsidiaries' financial health.
Board Composition and Dynamics
The board of ANI Technologies, Ola's parent company, consists of six members, including founder Bhavish Aggarwal and representatives from key investors. Notably, the board met collectively only once during FY25, raising questions about governance and oversight.
Market Share Decline
Ola's financial struggles come at a time when competition in the ride-hailing sector is intensifying, particularly from Uber and the newly emerged Rapido. Industry estimates suggest that Ola's market share has plummeted from about 50% in 2023 to between 20% and 25% by the end of December 2025, while Uber's share remained stable at around 45%.
Rapido, which entered the market in December 2023, has captured approximately 20% of the market, further squeezing Ola's position. Analysts predict that the heightened competition will persist, challenging Ola's efforts to regain market share.
Conclusion
Ola Consumer's recent financial disclosures highlight significant challenges, including steep losses, delayed filings, and a declining market presence. As the company navigates these issues, its future performance will be closely monitored by industry observers and stakeholders.
