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Electric two-wheeler maker Ola Electric‘s total consolidated loss for the financial year 2022 has widened from a year ago, on the back of rising expenses, despite an increase in revenue.

Ola Electric recorded a total consolidated loss of Rs 784.15 crore for the year ended March 31, 2022, compared with a loss of Rs 199.23 crore in the previous year.

Total consolidated income rose 4.2X or 329% to Rs 456.26 crore, the company said in a filing with the Ministry of Corporate Affairs. Operating revenue for FY22 was Rs 373.42 crore, compared with Rs 86 lakh the year before.

Most of the revenue came from sales of e-scooters, which totalled 1.5 lakh in 2022, according to a blog post by the company’s founder and CEO, Bhavish Aggarwal.

Despite the rise in revenue, the company recorded a loss on the back of rising expenses.

The company’s total expenses rose 4X to Rs 1,240.41 crore in FY22, compared with Rs 305.41 crore the previous year.

Cost of materials consumed, which usually refers to cost associated with raw materials and components used in production, was the biggest expense for Ola Electric in FY22.

Other expenses such as legal professional charges, advertising promotional expenses, and maintenance and repairs also compounded its losses.

The company expects its revenue to quadruple to $1.5 billion (or Rs 12,412 crore) in FY23 and then double again in two years, Reuters reported in June, citing a document containing corporate projections.

The document was prepared ahead of investor meetings for Ola Electric’s planned IPO, in which, according to sources, it is seeking a valuation of $10 billion.

The company hopes to raise $1 billion in net proceeds, a source told YourStory, adding that Ola Electric is likely to file its draft red herring prospectus (DRHP) by the end of the next quarter.

ANI Technologies, the parent company of ride-hailing giant Ola, also reported an increase in its loss for FY22, even as revenue nearly doubled.