Ola Electric Registers a Loss of Rs 200 crore in FY21
According to Ola Electric’s regulatory filings, the company registered a loss of Rs. 200 crores in the financial year that ended March 2021. In the previous financial year, the mobility company transformed from building a battery-as-a-service business to producing electric scooters. The company registered an operational revenue of only Rs 86 lakh as it did not sell a single product during this period. Employee benefits made up close to 70% of total expenses. Earlier the electric mobility company was running a pilot program in Gurugram where it had installed battery swapping stations for electric three-wheelers. The revenue registered from swapping and subscriptions was Rs 85 lakh.
However, the company shut that business, and co-founder Ankit Jain quit in August 2020. Ola Electric acquired Dutch electric scooter manufacturer Etergo in May 2020 and brought its ‘app scooter’ to India. The vehicle was changed several times before Ola Electric started selling it as the Ola S1 Pro. Hero Electric started manufacturing its scooter factory in February 2021 and in the month of December delivered its first 100 scooters. The company’s overall revenue was Rs 106 crore. This also included interest earned on bank deposits which amount to 97 crores.