Ola’s guardian firm ANI Technologies stated OFS had a turbulent 12 months (FY21) with the influence of exterior elements on the lending setting typically and the double influence on mobility enterprise and its spillover to the OlaMoney model.
“OFS efficiently managed to manage its threat and restrict its publicity to the worsening credit environment by taking proactive steps to cut back threat,” ANI Applied sciences stated in a regulatory doc filed with the Registrar of Firms (RoC).
OFS launched a slew of recent merchandise and capabilities in each the lending and insurance coverage companies and additional deepened its partnerships with the main retailers within the ecosystem, it added.
Ola didn’t reply to emailed queries.
“OFS might be increasing the insurance coverage enterprise internationally to assist the operations of the mobility enterprise via modern insurance coverage merchandise designed for the UK and ANZ markets.
“OFS might be launching new capabilities to the ‘pay later’ instrument to make it extra interesting to the target market,” the submitting stated.
OFS is increasing its suite of merchandise by launching new lending choices within the type of two-wheeler, four-wheeler and private loans to supply a complete monetary product ecosystem to the client, it added.
“By these development avenues OFS will generate common and sustainable monetary outcomes and can have a optimistic influence in your clients, stakeholders and the ecosystem,” the submitting famous.
Like many different sectors, ride-hailing companies have been additionally adversely impacted by the COVID-19 pandemic that confined folks inside their properties. With workplaces shut and minimal folks like frontline staff being allowed to journey, cab aggregators noticed their revenues declining sharply final 12 months.
Ola reported its first working revenue of Rs 89.82 crore for 2020-21 on a standalone foundation (journey hailing enterprise), whereas income declined 65 per cent to Rs 689.61 crore amid COVID-19 induced lockdowns.
On a consolidated foundation (together with meals supply and monetary companies enterprise), ANI Applied sciences’ operational loss narrowed to Rs 429.20 crore in FY21, whereas income declined 63 per cent to Rs 983.15 crore.