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Ola mobility biz turns profitable, hires CEO
Mint Mumbai
|January 26, 2024
The mobility business posted adjusted Ebitda of about 250 cr in FY23
Ola on Thursday said it has appointed former Unilever executive Hemant Bakshi as the chief executive officer (CEO) for its mobility business, which turned Ebitda positive in fiscal year 2023 (FY23) for the first time, as it looks to focus on areas including ride-hailing and e-commerce services.
A company with a positive Ebitda (earnings before interest, tax, depreciation, and amortization) indicates that its core operations are making profits.
The mobility business posted an adjusted Ebitda of about 250 crore in FY23, compared to a loss of ₹66 crore a year earlier, according to a regulatory filing.
"As Ola's India Mobility business turns profitable in FY23..our focus on sustainable growth..has also set the stage for an exciting future of expansion and industry leadership," Bakshi said in a statement.
The company is now divided into three business segments-Ola Mobility, Ola Financial Services and Ola Logistics-to streamline operations.
This story is from the January 26, 2024 edition of Mint Mumbai.
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