Ola’s Revenue Grew to 70% in Financial Year 2017

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Homegrown cab-hailing platform Ola witnessed a 70% surge in revenue in the year ended March 2017. According to report by data-tracking platform Tofler, The company clocked a turnover of Rs 1,286 crore in FY17 compared with Rs 758 crore in the previous financial year.

The turnover includes revenue from the company’s subsidiaries Ola Fleet Technologies, Ola Electric Mobility, Ola Skilling and Zipcash Card Services. Ola, founded, Bhavish Agarwal, an IIT alumni, has been extremely active over the past several months.

Earlier this year, the Bengaluru-based company made its first overseas expansion by starting operations in Australia, a market dominated by rival Uber. Ola is now planning to add 10,000 electric vehicles, a majority being eRickshaws, to its platform over the next 12 months as part of its ‘Mission Electric’ programme.

Moreover, the company is expected to lead  a $5-7 million round of funding in bikesharing startup, Vogo, along with venture capital investors Stellaris Venture Partners and Matrix Partners India.

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