Ola Consumer, formerly known as Ola Cabs, reported a steep fall in revenue and record losses for FY25, even as the company came under scrutiny for filing its annual financial statement over six months after the statutory deadline of 30 October.
According to filings made with the corporate affairs ministry on Tuesday, Ola Consumer’s consolidated revenue from operations fell 41% to ₹1,171 crore in FY25, while it posted a loss of ₹1,974.7 crore compared with a profit of ₹531.4 crore a year earlier.
The consolidated loss included a ₹1,312 crore loss in the value of Ola Electric’s shares between August 2024 and March 2025. Stripping this loss in value of the share price of Ola Electric, Ola Consumer’s losses totalled ₹662.4 crore compared to ₹328.7 crore in FY24. At the end of March 2025, Ola’s parent ANI Technologies held 3.64% stake in Ola Electric, which went public in August 2024.
The company’s delayed filing made experts question its adherence to rules and it comes at a time when Ola is rapidly losing market share in the ride-hailing business amid competition from Uber and Rapido.
Ola Consumer, in response to Mint’s query on the reason behind the delay in the financials, said that it was due to administrative reasons.
“Ola Consumer’s FY25 financials were audited and signed off on September 15, 2025. The AGM (annual general meeting) was held on December 31, 2025, where the audited accounts were duly adopted,” said a spokesperson for Ola Consumer. “The RoC (registrar of companies) filing will reflect these facts. Any delay in filing was administrative in nature.”
Auditor’s red flags
Ola did not detail these administrative delays. This occurred during a period when its long-standing auditor, S.R. Batliboi & Associates LLP, the India affiliate of EY, ended its engagement with the firm. It had been appointed by Ola in FY15. The end of S.R. Batliboi’s term with Ola was announced at the December 2025 AGM. Gurugram-based SN Dhawan and Co. LLP was appointed the company’s new auditor for a five-year period from 1 April 2025.
The outgoing auditor gave an unqualified opinion on Ola Consumer’s financials, but noted some loan write-offs by Ola Consumer during the financial year. “During the year, the investments made and loans granted by the company to its subsidiaries aggregating to ₹148.4 crore may be construed prejudicial to the Company’s interest on account of the fact that these have been impaired at the year-end, considering their recoverability,” it said.
Put simply: Batliboi said Ola’s ₹148.4 crore loan to its subsidiaries during FY25 was likely damaging, as the company had to write it off by the end of the fiscal year. The auditor also mentioned that Ola wrote off ₹2,600 crore of loans to subsidiaries during the year.
“The board has taken note of the auditors’ observation relating to the write-off, provisioning and impairments of loans, interest accrued and investments in subsidiaries,” said Ola’s Board in response to the auditor’s observations. “These actions were undertaken based on an assessment of the financial position and recoverability of the respective subsidiaries and were duly approved by the board. As stated by the auditors, the above observation is factual in nature and does not impact the true and fair view of the financial statements of the company.”
Board dynamics
Founder and managing director Bhavish Aggarwal, Krishnamurthy Venugopala Tenneti, Arun Sarin and the nominees of three investors, Avnish Bajaj, Sumer Juneja and Sachin Bhatia, are the six board members of ANI Technologies. The company does not have an independent director.
Bajaj is the founder of Z47, formerly Matrix Partners, a Bengaluru-based venture capital firm, while Juneja is managing partner at SoftBank Investment Advisers. Bhatia represents Tencent, the Chinese internet giant.
It is important to note that the six board members of Ola Consumer met collectively only once: on 6 March 2025. Aggarwal and Tenneti were the only board members who attended all five Ola Consumer board meetings in FY25, while the other four attended only one each, according to the annual report.
Bengaluru-based ANI Technologies, which follows an April-March fiscal year, was required to hold its shareholders’ meet before 30 September 2025 to review its FY25 financials, and was expected to file its results with the corporate affairs ministry before 30 October 2025, in accordance with the Companies Act.
Failing to file the results on time results in fines being imposed, said Gaurav Pingle, a Pune-based practising company secretary.
Losing ground
Ola Consumer’s surging losses come as the cab-hailing segment has seen a new entrant in Rapido, even as the leader, Uber, continues to pour money to gain market share.
As per industry estimates and ratings agencies, Ola’s cab market share fell from about 50% in 2023 to 20-25% by the end of December 2025. Uber’s share was steady at about 45% over this period. Rapido, which entered the market in December 2023, has grown to 20%.
“Heightened competition in India’s ride-hailing industry is likely to continue. ANI Tech is losing market share to Uber Technologies Inc and Roppen Transportation Services Pvt. Ltd. (Rapido),” S&P said in a 10 December note. “The company’s current market share in the four-wheeler segment in India has dwindled to 20%-25%, compared with more than 50% two years ago.”
Rapido’s income FY25 rose 44% to ₹934 crore, while its losses fell from ₹371 crore in FY24 to ₹258 crore. Uber India’s revenue rose 2% to ₹3,849 crore, while its losses widened from ₹89 crore in FY24 to ₹1,512 crore.