Online taxi aggregator Ola has recorded a loss of Rs. 796 crore during the Financial Year (FY) of 2015. The numbers are according to a regulatory filings made by the taxi hailing company. The Bangalore based company spent almost double what it earned to stay ahead of its competitor, Uber in the Indian market.
In the same period, the company earned a total revenue of Rs. 421 crore, which is eight times what it made last year.
Ola, which is owned by ANI technologies, has classified that Rs. 380 crore has come from the company's car rental service and the company has earned Rs. 2.26 crore through commission on taxi service.
In 2015, Ola spent Rs. 920 crore on fleet operation cost to compete with its largest rivals, Uber and TaxiForSure. Advertising and sales promotion was the next biggest cost that stood at Rs. 100 crore. Ola acquired TaxiForSure for an estimated USD 200 million in February 2015.
According to industry estimates, Ola commands around 60 to 65 percent market share.