Contingent Gig Mobility, Deliberate Capital: Ola's Financial Architecture A Study of India's Ride-Hailing Gig Model, 2020–2024

Abstract

Though the oldest and most cutthroat sector of India's gig economy, the ride-hailing sector has not been well studied as a particular means of making financial decisions unlike food delivery and fast commerce. Having only submitted paperwork with the Registrar of Companies, Ola ranks among the select ride-sourcing companies not on the stock market and is the biggest local operator. Based on its secondary financial records from FY2020 to FY2024, this study looks at Ola's parent firm, ANI Technologies, and how growing industry rivalry and new rules pushing for a multi-state welfare tax drive the shift from fixed employee costs to flexible driver expenses. Unlike food delivery services, which have often demonstrated consistent growth, Ola's revenues follow an unusual pattern more like an upside-down U, peaking at 2,799 crore in FY2022 before dropping to 1,171 crore in FY2024. The company's net worth nearly halved year over year, falling to ₹2,025 crore despite the roughly 78% reduction in its losses over the same period—from ₹1,522 crore in FY2021 to ₹329 crore in FY2023 then increasing again to ₹662 crore in FY2024. The study shows how vehicle operating expenses and driver compensation have replaced the more general employee benefits costs usually connected with food delivery. It also examines how Rajasthan's welfare tax, which went live in 2024 and is in place in a few other states, may impact Ola's financial standing. Trying to save money, Ola finally decided to depend on contract employees, knowing full well that this would lessen their influence on the working conditions of drivers.