Ola vs Uber: Revenue, Profit and Business Model
Ola reported ~$135.8M of revenue in FY2025 and a net loss of ~$76.8M. Uber reported $52B of revenue in FY2025 and $10.1B of net income.
Latest financial snapshot
Financial summary
Ola
ANI Technologies' consolidated revenue from operations fell from ~$233 million (₹2,011.9 crore) in FY24 to ~$136 million (₹1,170.9 crore) in FY25, and the net loss widened from ~$38.1 million (₹328.7 crore) to ~$76.8 million (₹662.4 crore). Including a ~$152 million (₹1,312 crore) drop in the value of its Ola Electric shares, the consolidated loss was ~$229 million (₹1,974.7 crore). Standalone revenue fell 44% to ~$123 million (₹1,060 crore). The company has written off goodwill from shut businesses (used cars, cloud kitchens, grocery) and the Avail Finance-linked Goddard Technical Solution unit. People familiar with the matter told the Economic Times it turned free-cash-flow positive in H2 FY26 after headcount cuts and the subscription shift.
Uber
Uber moved from years of heavy losses to steady profitability. Revenue grew from $37.3 billion in FY2023 to $44.0 billion in FY2024 and $52.0 billion in FY2025, while net income attributable to Uber was $10.053 billion in FY2025 (FY2024's $9.856 billion included a large tax valuation allowance release). Growth continued into 2026: Q2 2026 gross bookings rose 24% year over year to $58.0 billion and revenue rose about 12% to roughly $14.2 billion, and trailing twelve-month free cash flow passed $10 billion. The pending Delivery Hero deal, valued at $14.8 billion in equity, would be Uber's largest acquisition.
Revenue and profit by year
Ola
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$135.8M | ~-$76.8M | -56.6% | -41.8% | Source |
| FY2024 | ~$233.4M | ~-$38.1M | -16.3% | — | Source |
Uber
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $52B | $10.1B | 19.3% | +18.3% | Source |
| FY2024 | $44B | $9.9B | 22.4% | +18.0% | Source |
| FY2023 | $37.3B | $1.9B | 5.1% | +17.0% | Source |
| FY2022 | $31.9B | -$9.1B | -28.7% | +82.6% | Source |
| FY2021 | $17.5B | -$496M | -2.8% | +56.7% | Source |
| FY2020 | $11.1B | -$6.8B | -60.8% | -14.3% | Source |
| FY2019 | $13B | -$8.5B | -65.4% | +24.6% | Source |
| FY2018 | $10.4B | $997M | 9.6% | +31.5% | Source |
| FY2017 | $7.9B | -$4B | -50.8% | — | Source |
Where the revenue comes from
Ola
- Ride commissions and driver subscriptions
Not disclosed
Per-ride commissions historically 15-20% of fare, being replaced by fixed driver subscriptions.
- Advertising and enterprise travel
Not disclosed
In-app advertising and corporate travel contracts.
- Financial services
Not disclosed
Ola Money wallet and related services through Ola Financial Services.
Uber
- Mobility
~52% (Q2 2026)
Fees from ride-hailing trips, including UberX, Uber Black, taxis and autonomous rides on partner vehicles. About $7.36B of Q2 2026 revenue.
- Delivery
~37% (Q2 2026)
Fees from Uber Eats restaurant, grocery and retail orders, plus delivery advertising. About $5.25B of Q2 2026 revenue.
- Freight
~11% (Q2 2026)
Uber Freight brokerage and managed transportation services for shippers.
Business model and strategy
Ola
How it makes money
Ola is an asset-light marketplace: independent drivers own their cars, autos and bikes, and Ola supplies demand, dispatch, maps and payments. Historically it took a 15-20% commission on each fare. During FY26 it rolled out a pan-India zero-commission model in which drivers pay fixed daily or monthly subscriptions instead.
Growth strategy
Ola's current strategy is retrenchment around ride-hailing: it exited the UK, Australia and New Zealand in April 2024, shut used cars, cloud kitchens, grocery and ONDC food and commerce, cut staff, and moved drivers to zero-commission subscriptions. Growth bets now sit in higher-margin adjacencies such as advertising, enterprise contracts and financial services, with a planned IPO as the funding route.
Competitive advantage
Ola's remaining advantages are brand recognition built over 15 years, a long-standing driver base across cabs, autos and bikes, and in-house technology such as Ola Maps, which replaced Google Maps across its apps in 2024. Its switch to zero-commission subscriptions also matches the model Rapido used to win drivers.
Uber
How it makes money
Uber does not own most of the cars, restaurants or trucks on its platform. It matches riders with independent drivers (Mobility), consumers with restaurants, grocers and couriers (Delivery), and shippers with carriers (Freight), and keeps a share of each transaction as revenue.
Growth strategy
Uber's growth strategy centers on cross-platform engagement between Mobility and Delivery, Uber One membership, advertising, autonomous-vehicle partnerships, and international delivery scale. The €41.50-per-share Delivery Hero tender, launched September 18, 2026 after Delivery Hero's boards recommended it on September 2, would extend delivery density; Uber expects closing in the second half of 2027.
Competitive advantage
Uber's advantage comes from local marketplace liquidity, brand recognition, routing data, payments, driver and courier networks, merchant relationships, subscriptions, and cross-sell between Mobility and Delivery.
Questions about Ola vs Uber
Which company has higher revenue — ANI Technologies (Ola Consumer / Ola Cabs) or Uber Technologies, Inc.?
ANI Technologies (Ola Consumer / Ola Cabs) reported ~$135.8M (FY2025), while Uber Technologies, Inc. reported $52.0B (FY2025). By last reported revenue, Uber Technologies, Inc. is the larger business, with ANI Technologies (Ola Consumer / Ola Cabs) reporting a smaller revenue base.
What is the market cap of ANI Technologies (Ola Consumer / Ola Cabs) vs Uber Technologies, Inc.?
Uber Technologies, Inc. has a market capitalisation of $142.0B. A public market cap figure for ANI Technologies (Ola Consumer / Ola Cabs) was not available (it may be privately held).
Which is more financially efficient — ANI Technologies (Ola Consumer / Ola Cabs) or Uber Technologies, Inc.?
Uber Technologies, Inc. generates $1.53M / employee in revenue per employee. A comparable figure for ANI Technologies (Ola Consumer / Ola Cabs) requires matching employee and revenue data from the same reporting period.
How do ANI Technologies (Ola Consumer / Ola Cabs) and Uber Technologies, Inc. make money?
ANI Technologies (Ola Consumer / Ola Cabs) and Uber Technologies, Inc. generate revenue in fundamentally different ways. ANI Technologies (Ola Consumer / Ola Cabs): Ola is an asset-light marketplace: independent drivers own their cars, autos and bikes, and Ola supplies demand, dispatch, maps and payments. Uber Technologies, Inc.: Uber does not own most of the cars, restaurants or trucks on its platform.
Is ANI Technologies (Ola Consumer / Ola Cabs) bigger than Uber Technologies, Inc.?
By last reported revenue, Uber Technologies, Inc. ($52.0B (FY2025)) is the larger company compared to ANI Technologies (Ola Consumer / Ola Cabs) (~$135.8M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Ola vs Uber overview