Indian cab aggregator Ola posts first annual operating profit ahead of IPO

Homegrown ride-hailing major Ola Cabs reported its first Ebitda profit, at ₹898.2 crore ($120 million) for the financial year 2020-21 (FY21) even as revenue growth slowed for the ride aggregator in a covid-hit year, according to company filings with India’s Ministry of Corporate Affairs (MCA). Ebitda is short for earnings before interest, taxes, depreciation, and amortisation.