Cab aggregator Ola spent heavily, almost double of what it earned to maintain its number one position and ended up in losses.Ola had earned total revenue of Rs 421 crore in the same period, which was an eight-fold increase over the previous year.
ANI Technologies, which owns Ola, said majority of its revenue came from car rental service at around Rs 380 crore and earned Rs 2.26 crore through commission on taxi services.
Presently, Ola is doing everything it can to maintain its lead over Uber and TaxiForSure – that are deepening their presence in India.
To maintain the competition, Ola recently started outstation and rental categories to spread its wings over the transportation industry.