Ola Electric Mobility Business has announced its financial results for FY2023, with revenue of Rs 2,782 crore, compared to Rs 456 crore the year before.

The company says it has improved its financial performance with the EBITDA loss for FY2023 improving to 43 percent versus 157 percent a year ago. It says that it also set in motion initiatives for strong growth and profitability in near future which includes –

Sales and service network expansion:Ola expanded its D2C omnichannel distribution network in FY2023. As of October 31, the company has 935 experience centres and 392 service centres.

Strengthening R&D:The company says it has operationalised and strengthened its R&D facilities in India and the UK, focused on designing and developing core EV components and new EV products. Ola also commenced operation at their Battery Innovation Center (BIC) in Bengaluru, in August, that is focused on developing cell and battery technology and manufacturing processes for their forthcoming cell manufacturing operations at the Ola Gigafactory.

The EV maker has topped the sales charts in the electric two-wheeler category for over five quarters starting September 2022, with around 35 percent market share in November. The company recently posted their highest ever monthly by registering around 30,000 units, with an impressive MoM growth of 30 percent and YoY growth of 82 percent compared to the corresponding period last year.