India's oldest cab aggregator, Ola Consumer, has turned free cash flow positive in the second half (H2) of FY26, according to people familiar with the matter.
The development comes as the ride-hailing business of ANI Technologies capped a year-long restructuring, signalling a shift in the unit economics of the company, sources said.
Ola Consumer formally filed its audited accounts for the previous fiscal, FY25, posting total income of Rs 1,394 crore with a mobility standalone EBITDA loss of ₹288 crore.
The FY25 losses stood at ₹457 crore, including impairments from discounted operations, according to RoC filings made on Tuesday.
The FY26 accounts were audited and signed off by the company's new auditors, SN Dhawan & Co, on September 15, followed by the AGM, which adopted the accounts.
The company delayed the MCA filing due to administrative reasons, a spokesperson said in response to a query.
In FY26, the company achieved the free cash flow (FCF) improvement through headcount rationalisation, operational consolidation, and automation.
Ola Consumer also wound down its ONDC food and commerce operations during the year to concentrate capital on its core ride-hailing business.
The company expects to sustain the positive FCF trajectory into FY27, sources said.
Structural shift
The operational turnaround coincides with a structural model shift. Ola rolled out a zero-commission framework pan-India, replacing per-ride commissions, historically 15-20 per cent of fare, with fixed daily or monthly driver subscriptions.
For Ola Consumer's P&L, the subscription transition trades variable commission revenue for predictable platform income, a structurally cleaner model but one that shifts the monetisation burden to adjacencies, they said.
The company is building higher-margin revenue streams, including advertising, financial services, enterprise contracts, and subscriptions, with incremental profits to be reinvested into growth, the sources added.
Ola's ride-hailing operations have faced newer competition in what used to be a duopoly market with arch-rival Uber.
The combined Uber-Ola market share has fallen from the peak of 90 per cent to 60-70 per cent over the last three years.
Published on May 8, 2026