Ola Consumer's FY25 revenue drops 42%, losses widen, as company begins prep for IPO

Ola Consumer’s parent entity, ANI Technologies, posted a 42% drop in revenue to Rs 1,171 crore for the fiscal year ended March 2025. The company, which primarily derives its revenue from ride hailing, lost market share to Prosus-backed Rapido, which expanded aggressively in the three- and four-wheeler market, and Uber. Losing market share also weighed on its loss, which widened to Rs 662.4 crore in FY25 from Rs 328.7 crore in FY24.

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.