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Warning sign for EV startups? Report says Ather, Ola witnessing lukewarm response from investors

Business TodayBusiness Today · 1y ago
Warning sign for EV startups? Report says Ather, Ola witnessing lukewarm response from investors
Medial

Investors are displaying caution towards electric scooter startups like Ather and Ola Electric in India due to their heavy losses and regulatory uncertainties, according to a report. The lukewarm response to the fundraising efforts of these startups, despite their rapid growth, is being seen as a warning sign by industry executives. Ather's revenue has surged, but losses have more than doubled, while Ola Electric is yet to release its latest financials. Smaller fundraises might sustain them for now, but their growth could be impacted if they fail to attract larger rounds of funding. Legacy automakers are also entering the EV space, posing additional threats to the startups.

Tesla on two wheels? India's Ola Electric feels the strains of success

ReutersReuters · 1y ago
Tesla on two wheels? India's Ola Electric feels the strains of success
Medial

Ola Electric, India's leading e-scooter maker, is facing challenges as its nationwide network of service centers struggles to meet the demands of its surging sales. Reuters' visits to several service centers revealed significant backlogs and long repair times, particularly in metropolitan areas like Mumbai, Chennai, and Bengaluru. Ola Electric, valued at $5.4 billion, plans to quadruple its annual production capacity to 2 million e-scooters. However, the rapid expansion raises concerns about maintaining efficient service operations, especially in India's challenging driving conditions. Ola Electric is working to bolster its service network by adding 100 new centers and hiring more technicians.

Ola Electric’s Secretary and Compliance Officer Pramendra Tomar resigns

YourStoryYourStory · 10m ago
Ola Electric’s Secretary and Compliance Officer Pramendra Tomar resigns
Medial

- Pramendra Tomar, secretary and compliance officer of Ola Electric, has resigned citing personal reasons and commitments. - The resignation is effective from October 1, according to a BSE filing. - Ola Electric is in the process of appointing a new candidate for the position of company secretary. - Tomar joined Ola Electric in 2022 and has considerable experience as a corporate lawyer and in company secretarial positions. - Ola Electric's shares have been struggling at the stock exchanges, with the price dropping below Rs 100 on Monday but regaining some ground on Tuesday. - The company reported a second straight month of sales drop in September, while competitors such as Ather Energy, TVS Motor, and Bajaj Auto saw sales numbers rise. - Ola Electric has been facing numerous complaints about its vehicles, and it has created a new service team to address these issues. - In September, Ola Electric introduced the 'Network Partner Program' to expand its sales and service networks across India and onboard 10,000 partners by 2025. - Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric (Disclaimer).

Why Ola’s Path To Green Mobility Is Full Of Twists And Turns

Inc42Inc42 · 1y ago
Why Ola’s Path To Green Mobility Is Full Of Twists And Turns
Medial

Ola Cabs, a major ride-hailing company in India, has been slow to make progress in transitioning to electric mobility and has faced increased competition in the EV segment. While Ola Electric, a subsidiary of Ola Cabs, was established in 2017, the company has yet to achieve any significant milestones in its quest for an electric fleet. In contrast, competitors like Uber India and other emerging players such as BluSmart and Evera Cabs have already deployed thousands of electric vehicles. Ola's past initiatives, such as "Mission: Electric," have not come to fruition, and the company's current CEO, Hemant Bakshi, has offered limited clarity on its green mobility plans. Nevertheless, Ola aims to expand its electric vehicle offerings beyond two-wheelers to include three-wheelers, cars, and e-buses. However, Ola Electric's timeline for new products may not align with Ola Cabs' ambitions. Ola Electric plans to launch electric auto-rickshaws in the coming months, which could be integrated into Ola Cabs' fleet. The company also intends to enter the electric car market eventually but may need to partner with fleet operators and other original equipment manufacturers in the meantime. Ola's focus on scaling up its electric two-wheeler ride-hailing vertical is driven by the belief that state governments are more likely to favor two-wheelers over traditional internal combustion engines. However, Ola faces competition from established players such as Yulu and Rapido, as well as Uber's emphasis on Uber Moto. Ola still has to overcome challenges such as unit economics and profitability while catching up with existing rivals.

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