New Delhi: Indian ride-hailing company HailstoneBacked by Japan’s SoftBank Group Corp., has reported its first operating profit since it began operations a decade ago, company documents showed on Tuesday.

Ola, which has a majority of India’s ride-hailing market, where it competes with Uber Technologies Inc., is growing its presence in several global markets such as Australia and the UK. It reported standalone operating profit or earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 89.82 crore for the financial year ended March 2021, up from a loss of Rs 610 crore a year ago.

Despite a 65% drop in revenue from a year ago following a slump in ride-sharing demand amid the pandemic lockdown, Ola has turned profitable, helped by aggressive cost-cutting and workforce reduction, filing with the government showed.

Established in 2010 by Bhavish Aggarwal,
Ola plans to raise up to $1 billion Through an initial public offering (IPO) over the next few months,
Joining many Indian startups Preparing to list. but the company
ready to lose two top executives, its Chief Financial Officer Swayam Saurabh and Chief Operating Officer Gaurav Porwal.

The firm has also expanded
leasing cars And
manufacture of electric scooters.