parent company of ola ANI Technologies OFS stated that OFS had a turbulent year (FY21) with the impact of external factors on the lending environment in general and the dual impact on the mobility business and its spillover to the Olamani brand.
“OFS successfully managed to control its exposure and limit its exposure to bad reputation By taking proactive steps to mitigate the risk,” ANI Technologies said in a regulatory document filed with the Registrar of Companies (ROC).
OFS launched several new products and capabilities in both the lending and insurance businesses and deepened its partnerships with leading merchants in the ecosystem.
Hailstone Emailed questions not answered.
“OFS will expand the insurance business internationally to support mobility business operations through innovative insurance products designed for the UK and ANZ markets.
“OFS will launch new capabilities in the ‘pay later’ instrument to make it more attractive to the target audience,” the filing said.
OFS is expanding its suite of products by introducing new lending offerings in the form of two wheeler, four wheeler and personal loans to offer a comprehensive financial product ecosystem to the customers.
“Through these growth avenues, OFS will generate regular and sustainable financial results and have a positive impact on your customers, stakeholders and the ecosystem,” the filing said.
Like many other sectors, ride-hailing businesses were also adversely affected by the COVID-19 pandemic, which confined people within their homes. With offices closed and fewer people like frontline workers allowed to travel, cab aggregators saw their revenues drop sharply last year.
Ola reported its first operating profit of Rs 89.82 crore on a standalone basis (ride hailing business) for 2020-21, while revenue declined 65 per cent to Rs 689.61 crore amid the COVID-19 induced lockdown.
On a consolidated basis (including food delivery and financial services business), ANI Technologies’ operating loss narrowed to Rs 429.20 crore in FY11, while revenue declined 63 per cent to Rs 983.15 crore.