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Ather Energy rival Ola Electric's losses surge from Rs 784 Crore to Rs 1,472 Crore in FY23
IndianStartupNews
·
1y ago
Medial
Ola Electric, led by Bhavish Aggarwal, has reported a significant increase in net losses, almost doubling from Rs 784.1 crore in FY22 to Rs 1,472 crore in FY23. Despite a 510% increase in revenue, expenses contributed to the escalating losses, reaching Rs 3,383 crore in FY23. Ola Electric aims for EBITDA profitability of Rs 803 crore by FY25 and plans to achieve a revenue of Rs 4,655 crore in FY24. The company recently raised funds and is preparing for an IPO. Ola Electric sold 15 lakh electric vehicles in FY23 and remains confident in the growing Indian EV market.
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Ola Electric’s Bhavish Aggarwal takes a swipe at ‘cute’ Ather Rizta ads
Economic Times
·
1y ago
Medial
Ola Electric founder, Bhavish Aggarwal, took a jab at rival Ather Energy's marketing strategy, stating that "cute ads" won't be effective in the electric vehicle (EV) segment. He suggested that EV companies focus on improving their supply chain and technology to lower product costs instead of investing heavily in marketing and sales. Ola Electric currently leads in the Indian EV scooter market, while Ather recently launched its family scooter, Rizta, to compete with Ola Electric's S1 range. Ola Electric spent Rs 61.4 crore on marketing in FY23, while Ather's advertising expenses surpassed Rs 203 crore.
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IPO-bound Ola Electric’s FY23 net loss almost doubles to INR 1,472 Cr on surge in expenses
Inc42
·
1y ago
Medial
Ola Electric, led by Bhavish Aggarwal, saw its net loss almost double to INR 1,472 Cr in FY23 due to increased expenses. The company reported an EBITDA loss of INR 1,318 Cr in FY23 and targets EBITDA profitability of INR 803 Cr in FY25. Despite the losses, Ola Electric's consolidated revenue surged by 510% to INR 2,782 Cr in FY23. The startup aims to raise $700 Mn through its IPO and achieve a market capitalization of $10 Bn. Ola Electric retained the top spot in electric two-wheeler registrations, with over 27,000 units registered in November.
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Ola Electric slashes S1 X scooter prices
Economic Times
·
1y ago
Medial
Ola Electric has reduced the prices of its S1 X range of scooters in a bid to strengthen its position in the electric two-wheeler market. The 4 kWh variant of the S1 X is now priced at Rs 99,999, down from Rs 1,09,999, while the 3 kWh version is now priced at Rs 84,999, down from Rs 89,999. Ola Electric also reduced the price of the 2 kWh version of the scooter from Rs 79,999 to Rs 69,999. Deliveries of the vehicles are set to begin next week. Ola Electric's move comes shortly after rival Ather Energy launched its own scooter range, Rizta, with prices starting at Rs 1.09 lakh.
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Ola Electric cuts FY24 projection by 60% after subsidy blow
The Arc Web
·
1y ago
Medial
E-scooter maker Ola Electric has reported a 6X increase in revenue to Rs 2,782 crore ($334 million) in FY23, but its losses have doubled to Rs 1,472 crore ($176 million). The company has revised its estimates for FY24 due to a decrease in sales after the government lowered subsidy levels for electric vehicles. Ola Electric now forecasts revenues of Rs 4,655 crore ($558 million) and aims to reach EBITDA profitability of Rs 803 crore ($96 million) by 2025. The company's IPO is expected to take place in early 2024 with an estimated valuation of $9-10 billion.
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Ather Energy posts Rs 1,784 Cr revenue in FY23, losses surge 2.5X
Entrackr
·
1y ago
Medial
Electric scooter manufacturer Ather Energy has reported significant revenue growth, reaching Rs 1,784 crore in the fiscal year ending March 2023. The company also secured Rs 1,500 crore ($185 million) in funding during the same period. Despite the growth in revenue, Ather Energy experienced increased losses, with cash outflows from operations reaching Rs 870 crore in FY23. The sale of scooters was the primary source of revenue, with additional income from after-sale and subscription services.
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Ola Electric losses surge 2X to Rs 862 Cr in Q4 FY25, revenue declines 62%
Entrackr
·
2m ago
Medial
Ola Electric saw a 62% year-on-year decline in revenue in Q4 FY25, while its losses surged 106%, underscoring a tough quarter for the SoftBank-backed electric mobility company. Ola Electric witnessed a turbulent financial performance during the fourth quarter of FY25, as its revenue saw a sharp year-on-year decline of 62%. In parallel, the company’s losses more than doubled, indicating the mounting challenges faced by the SoftBank-backed electric mobility firm. Ola Electric’s revenue from operations decreased to Rs 611 crore in Q4 FY25 from Rs 1,598 crore in Q4 FY24, its consolidated financial statements sourced from the National Stock Exchange show. For the full fiscal year (FY25), Ola Electric’s operating revenue decreased 10% to Rs 4,514 crore in FY25 from Rs 5,010 crore in FY24. Income from the sale of electric scooters was the sole source of revenue for Ola Electric while the collection from the sale of batteries contributed only a small portion in the last quarter of the previous fiscal year. For the EV scooter maker, material procurement made up 33% of the total costs at Rs 527 crore in Q4 FY25. Other major expenses included employee benefits, advertising, and technical support, pushing the total quarterly burn to Rs 1,598 crore. For the full fiscal year ending March 2025, total expenses rose to Rs 7,185 crore. A higher decline in sales caused Ola Electric's losses to rise by 106% in Q4 FY25, reaching Rs 862 crore compared to Rs 418 crore in the same quarter of the previous fiscal year (Q4 FY24). For FY25, the firm’s losses stood at Rs 2,276 crore in FY25, up from Rs 1,584 crore in FY24. Recently, Ola Electric Mobility has approved a plan to raise up to Rs 1,700 crore through debt instruments. The Bhavish Aggarwal-led company secured the second position in the electric two-wheeler segment in April, with TVS Motor emerging as the market leader. For the first time, Ather Energy has surpassed Ola Electric in quarterly revenue. In Q4 FY25, Ather reported an operating revenue of Rs 676 crore, ahead of Ola Electric’s Rs 611 crore. At the close of today's trading session, Ola Electric's stock was priced at Rs 53.20, giving the company a market capitalization of Rs 23,465 crore.
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IPO-bound Ather converts itself into public entity
Entrackr
·
1y ago
Medial
Electric scooter manufacturer Ather Energy has converted itself into a public company. This marks the company’s concrete step towards a definitive initial public offering (IPO) plan. The board at Ather has approved the resolution to change the company’s status from private to public. Its name has now changed from Ather Energy Private Limited to Ather Energy Limited. The company recently raised Rs 286 crore ($34 million) in a mix of debt and equity through venture debt and co-founders. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake with its recent investment of Rs 124 crore ($15 million) which materialized early this month. It has raised over $550 million to date and was valued at $750 million during its Series E round. According to Vahan data, Ather was the fourth largest two-wheeler EV manufacturer which controlled 9.45% market share in May. Ola Electric maintained the top position followed by TVS and Bajaj. Ather sold 6,024 units in the last month, up from 4,000 units in April. In March, its total sales stood at 17,000 units. Ather reported a flat scale during the fiscal year ending March 2024. Its revenue from operations decreased by a modest 1.5% decrease to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23. It competes with Ola Electric which got SEBI’s nod for its $660 million initial public offering this month. Ola Electric grew at an exponential rate in FY23 as its revenue from operations spiked seven-fold to Rs 2,631 crore in FY23. TVS, Hero Electric, River, and Okinawa are some other competitors of Ather.
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Ola Electric’s market share dips below TVS amid sharp drop in April sales
Economic Times
·
3m ago
Medial
Ola Electric's market share dropped below TVS Motor due to a significant decline in April sales, with a 42% reduction year-on-year. The company's sales fell to 19,709 vehicles, giving it a 21.46% market share, while TVS secured a slightly higher share at 21.5%. Bajaj Auto and Ather Energy also gained shares. Ola faces regulatory scrutiny over data discrepancies and operational issues, contributing to financial challenges and increasing losses.
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Ather Energy posts Rs 645 Cr revenue in Q1 FY26, losses remain flat
Entrackr
·
4d ago
Medial
Ather Energy posts Rs 645 Cr revenue in Q1 FY26, losses remain flat Ather Energy reported a 79% year-on-year jump in its operating revenue compared to Q1 FY25. At the same time, the Bengaluru-based firm also narrowed losses by 3%. Electric two-wheeler maker Ather Energy has announced its financial results for the first quarter of the ongoing financial year FY26. The company reported a 79% year-on-year jump in its operating revenue compared to Q1 FY25. At the same time, the Bengaluru-based firm narrowed losses by 3%. Ather’s revenue from operations increased by 79% to Rs 645 crore in Q1 FY26, from Rs 360 crore in Q1 FY25, according to its quarterly report sourced from the National Stock Exchange (NSE). The Tarun Mehta-led company did not provide a revenue breakdown during the last quarter. Ather’s cost of materials, primarily driven by battery and component procurement, made up the largest share of its expenditure. This cost increased by nearly 74% to Rs 518 crore in Q1 FY26 from Rs 297 crore in the same period last year, accounting for over 61% of the total expenses during the quarter. Employee benefit expenses saw a surge of 37% YoY to Rs 119 crore in Q1 FY26 compared to Rs 87 crore in Q1 FY25. Depreciation and amortization costs rose 20% to Rs 48 crore, while other operational costs jumped nearly 31% to Rs 166 crore. Overall, Ather’s total expenditure grew 54% to Rs 851 crore in Q1 FY26, up from Rs 551 crore in Q1 FY25. As a result, the company’s net losses reduced by 3% to Rs 178 crore in Q1 FY26 from Rs 183 crore in Q1 FY25. In July 2025, Ather Energy maintained its fourth-place market position, selling 16,231 units. This represents a 10.59% month-on-month increase from the 14,677 units sold in June, bringing their market share to 15.78%. Ather Energy made its stock market debut on May 6, 2025, listing at Rs 328 per share on the NSE. However, the stock is currently trading at Rs 375, bringing its total market capitalization to Rs 13,723 crore ($1.5 billion). Ather competitor Ola Electric’s topline shrank by nearly 50% year-on-year during the first quarter of FY26. At the same time, the Bengaluru-based firm’s losses widened by 23%.
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Ather Energy Vs Ola Electric: Decoding The Numbers Behind The EV Giants
Inc42
·
10m ago
Medial
Ather Energy, despite being an early player in the market, has been surpassed by Ola Electric in terms of market reach, infrastructure scaling, and sales. In August 2024, Ather registered around 10,902 units compared to Ola Electric's 27,547 units. To close the gap, Ather can leverage the funds raised from its upcoming IPO to accelerate product development and boost sales.
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