Riding app Ola’s parent company ANI Technologies has earned an operating profit of Rs 89.92 in the financial year 220-21. However, the company’s revenue has come down by 65 percent to Rs 689.61 crore. There has been a decline in the revenue of the company due to COVID. Coming into profit after ten years of starting its operations is very important for Ola. The company is going to bring its IPO soon. The company may submit the draft paper to SEBI in December for the IPO. In this context, the importance of making profit for the first time in ten years has increased even more.
Earned profits after ten years of starting
Ola’s parent company also provides food delivery and financial services. The operating loss of the company has come down to Rs 429.20 in the financial year 2020-21. However, there has been a decline of 63 percent in revenue and it has come down to Rs 983.15. Bhavish Agarwal founded Ola in the year 2010. However, over a long period of time, there has been a huge investment in it.
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Ola may submit draft paper to SEBI in December for IPO
Well-known investment company SoftBank-backed Ola may launch its IPO in the next few months. The company intends to raise at least Rs 7500 crore. The company can submit its draft papers to SEBI by December. In September, the company’s CEO Bhavish Aggarwal had said that Ola’s Gross Merchandise Value (GMV) had crossed the pre-corona level on August 31. He said that the recovery in the second wave of COVID has been three times as compared to the first wave. Aggarwal says that the movement of people in India has started increasing a lot. The company is getting the benefit of this.
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