CHART: OlaMoney achieves profitability with 250% net profit growth in FY22
In a significant financial turnaround, Indian fintech, Ola Financial Services, the financial arm of Ola led by Bhavish Aggarwal and owner of wallet service (OlaMoney), achieved profitability in the fiscal year ending March 31, 2022.
The company, which offers products like OlaMoney Postpaid, OlaMoney Credit Card, and OlaMoney Wallet posted a standalone net profit of $1 million (INR 8.68 crore) in its just-released FY22 results after a significant delay of almost one and a half years, marking a stark contrast to the $6.8 million (INR 56.2 crore) net loss reported in the previous fiscal year.
