IPO-bound Ola Electric recorded $136 million loss in FY23: Report

India’s largest e-scooter maker Ola Electric recorded an operating loss of $136 million on a revenue of $335 million in the last financial year which concluded in March, three sources told Reuters, missing its publicly disclosed revenue goal.

The 2022/23 loss number of SoftBank-backed Ola Electric, which is preparing for an up to $700 million IPO, has not previously been reported or filed with Indian authorities, which allows time until September to file previous year’s earnings.

Ola declined to comment.

The e-scooter maker last year in June issued a statement saying it was “on track to surpass $1 billion run rate by end of this year” and “the future forecast looks even stronger.”