Synopsis
Ola Consumer is moving ahead with its IPO plans. However, its recent financial reports show a significant drop in revenue and a doubling of losses. The company lost market share to competitors. This financial strain has also impacted its credit rating. Ola Electric, another venture by Bhavish Aggarwal, is also facing revenue challenges.Ola has also formally started preparations for its initial public offering after receiving approval from its board, according to documents filed with the Registrar of Companies.
The Bhavish Aggarwal-founded digital commerce and mobility platform also said its “management believes that the company has sufficient resources including liquid investment in listed entities and strategic plans in place to meet its financial obligations and continue its operations for the foreseeable future”.
The company filed the documents along with its annual report for fiscal year 2025.
In November last year, ratings firm Moody’s downgraded ANI Technologies’ credit rating to Caa1 from B3 and assigned a negative outlook, citing weakening operating performance that it said was straining liquidity and raising the risk of a breach of loan covenants.
In December 2021, Ola raised $500 million from global institutional investors through a term loan to fuel its expansion across various businesses. The company had entered the quick commerce segment at the time. It has since exited that space.
Ola Consumer has raised about $3.84 billion since its inception from investors including SoftBank, Tencent and Z47, according to data from Tracxn.
Ola Electric, the electric vehicle making venture of Bhavish Aggarwal, has also been witnessing a sharp drop in revenue. In March, Ola Electric sold 10,118 vehicles, accounting for a 5.4% market share, compared with more than 22% it held in April 2025.
