ANI Technologies Pvt Ltd (Ola Cabs)
Parent of Ola Cabs and Ola Consumer, preparing an IPO even as FY25 revenue fell 42% to ₹1,171 Cr and the loss doubled to ₹662 Cr.
Market cap
₹14,750 Cr
1.50 Cr shares
P/E ratio
Loss making
Sector average 60
Book value
₹2,996.67
P/B 3.28
1-year return
+0.00%
52w ₹9,666 – ₹9,833
Currently 100% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹9,833 → ₹9,833
52-week band in this window: ₹9,833.00 – ₹9,833.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 revenue about ₹1,171 Cr, down 42%; net loss ₹662.4 Cr.
- IPO process started: board approval and conversion to a public company in November 2025.
- Altius quote on 21 September 2026: buy ₹9,666, sell ₹10,000 (inverted; indicative only).
About Ola Cabs
ANI Technologies Private Limited runs the Ola ride-hailing platform — cabs, autos, bikes and outstation — and the wider Ola Consumer businesses (Ola Money financial services, Ola Dash quick commerce experiments, Krutrim-linked AI initiatives). Founded in December 2010 by Bhavish Aggarwal and Ankit Bhati in Bengaluru, it once operated in 250-plus cities in India, Australia, New Zealand and the UK, and was the original parent of Ola Electric, which listed separately in August 2024.
FY25 was weak: operating revenue fell 42% to about ₹1,171 Cr and the net loss widened to ₹662.4 Cr from ₹328.7 Cr as Rapido and Uber took ride-hailing share. Even so, the board approved an IPO proposal in late 2025, an EGM in November 2025 cleared the conversion to a public company, and the company has begun incurring IPO-related audit and certification costs. Moody's downgraded the company's rated debt in 2025 and Vanguard marked its stake down to an implied valuation of about $70 million, far below the ~$7 billion of 2021.
Altius Investech showed a buy price of ₹9,666 and a sell price of ₹10,000 on 21 September 2026 — an inverted quote that should be treated as indicative. Other dealers have quoted anything from ₹6,700 to ₹24,000 in 2026, differences that appear to stem from different assumptions about the equity share count after preference-share conversions.
Figures preliminary; verify from MCA filings. Revenue and loss headlines are from the FY25 filing as reported in the press; balance-sheet lines, other income, FY23 and the share count are estimates. Investors often hold compulsorily convertible preference shares, so the equity share count used for per-share valuation must be confirmed before trading.
Where the revenue comes from
- Ride-hailing (cabs, autos, bikes)80%
Platform commissions and subscription fees from driver-partners
- Financial services and other consumer businesses12%
Ola Money, insurance and vehicle-linked services
- International and other8%
Residual overseas operations and corporate services
Products & services
Ola ride-hailing
Cabs, autos, bikes, rentals and outstation bookings through the Ola app; driver-partners pay subscription or commission.
Ola Money and financial services
Wallet, postpaid credit and insurance distribution to riders and drivers.
Ola Consumer initiatives
Quick-commerce and AI-linked consumer experiments under the Ola Consumer umbrella.
What works
- • One of India's two best-known mobility brands with a large installed base of riders and driver-partners.
- • Large cash and investment pile from prior rounds (SoftBank, Tiger Global, Temasek, Hyundai) and the Ola Electric stake distribution.
- • IPO preparations give a defined liquidity path if the listing proceeds.
What to watch
- • Revenue down 42% in FY25 and losses doubled; ride-hailing share has been lost to Rapido and Uber.
- • Vanguard's mark-down to about $70 million implies a valuation a fraction of dealer prices.
- • Dealer quotes vary four-fold because the equity share count is uncertain; the Altius sell price exceeded its buy price on the quote date.
- • Regulatory exposure on surge pricing, driver welfare and platform commission caps.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Ola CabsThis page | ₹9,833.00 | ₹14,750 Cr | — | 3.28 | -35.32% |
| Rapido | ₹16,650.00 | ₹21,670 Cr | — | 15.46 | +45.23% |
| OYO | ₹23.40 | ₹21,185 Cr | 21.27 | 6.94 | +31.78% |
Latest reported year: FY25 ending 31 Mar 2025.