The Bhavish Aggarwal-founded company’s expenses rose after it started selling scooters in December 2021, resulting in a wider net loss of Rs 784.15 crore in FY22, against Rs 199.23 crore in FY21.
The financials, which were reported by Ola Electric after a delay of almost a year, were sourced from business intelligence platform Tofler.
The Bengaluru-based company’s total expenses increased more than four times during the year under review to Rs 1,240.41 crore, from Rs 305.41 crore in FY21. This was primarily on account of the cost of materials consumed increasing from nil to Rs 584.93 crore.
More than 90%, or around Rs 348 crore, of Ola Electric’s revenue in FY22 came from sale of scooters, while the remainder was from sale of subscriptions to its battery-swapping infrastructure.
During FY22, Ola Electric sold 14,403 electric scooters. It sold vehicles only for four months during the year. Its sales increased to 1,52,753 units in FY23 – the first full year of sales – according to information sourced from the VAHAN database.
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In July this year, the company led the pack of electric two-wheeler sales, having sold 18,333 units.Last month, a Reuters report said Ola Electric recorded an operating loss of $136 million on a revenue of $335 million in FY23. The company is yet to file its audited financials for the year ended March 2023 with the Registrar of Companies.
As per the rules stipulated by the Ministry of Corporate Affairs, companies have time till September of a given year to file their annual financial statements for the previous fiscal.
In March this year, ET had reported that Ola Electric was planning to raise a fresh round of $250-300 million in growth equity to expand two-wheeler operations and fund its planned battery facility. Last January, the two-wheeler company raised $200 million from investors such as Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others at a $5 billion valuation.