Drivers could be the casualty as Ola becomes IPO-ready

Ananya Bhattacharya
Drivers could be the casualty as Ola becomes IPO-ready

As it gears up for an initial public offering (IPO), India’s largest homegrown ride-hailing venture Ola is going all out to trim its massive losses—but at whose cost? For the financial year 2018-19, Ola’s holding company ANI Technologies posted a nearly 60% year-on-year decline in net loss at Rs1,160 crore ($162 million), as per financial data accessed by business intelligence platform Tofler. The main reasons for this reduction in losses were “decline in its advertising, promotional expenses and driver-related expenses (the payments made to them),” said Anchal Agarwal, CEO, Tofler.