Backed by Japan’s Softbank Group Corp., Ola, the Indian ride-hailing company has notched up its first-ever operating profit.

Ola has an increasingly growing presence in several markets worldwide such as Australia and Britain. For the fiscal year ending in March 2021, the startup reported standalone operating profit before interest, tax, depreciation and amortisation (EBITDA) of Rs 89.82 crore as compared to a loss of Rs 610 crore a year ago. Ola has a majority share of India’s ride-hailing market and competes with Uber Technologies Inc.

Ola has turned profitable despite revenue down to 65 per cent from a year ago after a fall in demand for ride-sharing amid the covid-19 pandemic lockdown.

The startup was founded by Bhavish Aggarwal in 2010. It plans to join a slew of Indian startups preparing to list by raising to $1 billion through an initial public offering (IPO) in the next few months. But the company is prepared to lose two top executives, its Chief Operating Officer Gaurav Porwal and Chief Financial Officer Swayam Saurabh. The firm is also expanded into building electric scooters and leasing cars.