NEW DELHI: Bhavish Aggarwal-driven Ola Electric’s net loss nearly doubled to Rs 1,472 crore in FY23, from Rs 784.1 crore in the previous fiscal year, as expenses surged significantly.

The IPO-bound electric vehicle company reported an EBITDA loss of Rs 1,318 crore as its total expenses jumped to Rs 3,383 crore, in comparison to Rs 1,240 crore in FY22.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a measure of core corporate profitability.

The company is now targeting an EBITDA profitability of Rs 803 crore in FY25, according to media reports.

In a note to investors and the bankers, Ola Electric reported consolidated revenue of Rs 2,782 crore in FY23, up about 510 per cent from the previous fiscal.

The EV manufacturer aims to go public by early 2024.

The company saw its losses growing nearly 293 per cent to Rs 784 crore in FY22.

In October, Ola Electric announced Rs 3,200 crore in funding as part of its equity and debt round from Temasek-led investors and project debt from the State Bank of India, respectively.

The funds raised would be used towards expansion of Ola’s EV business and setting up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola Electric aims to launch electric motorcycles followed by electric cars and fast-tracking the construction of Gigafactory.

"We are committed towards developing core technologies in EVs and cells and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility. Our investors and lenders have shown deep faith in Ola’s vision, and we thank them for the constant support and encouragement," said Bhavish Aggarwal, Founder and CEO, Ola Electric.

Ola Electric was recently selected by the government as the only Indian EV company under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh.