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Ola Electric targeting $1.5 billion sales this year, pre-subsidy cut document shows

Economic Times

Economic Times · 2y ago

Ola Electric targeting $1.5 billion sales this year, pre-subsidy cut document shows

Ola Electric aims to achieve $1.5 billion in sales this year, according to a pre-subsidy cut document. The Indian electric vehicle startup is gearing up to accelerate its growth and market share in the EV industry. Despite anticipated subsidy reductions, Ola Electric remains confident in achieving its ambitious sales target and contributing to sustainable transportation.

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Ola Electric targets 50% cost cut in push for profitability

Economic Times

Economic Times · 7d ago

Ola Electric targets 50% cost cut in push for profitability

Ola Electric plans to cut operating costs by up to 50% to achieve profitability, following a reduced third-quarter loss of 4.87 billion rupees. Despite a 61% sales decline, the firm aims to maintain full-year revenue targets and stabilize issues at service centers. By enhancing automation, cutting jobs, and in-house cell production, Ola hopes to improve growth and target a monthly breakeven sales volume of 15,000 units, down from an average of 11,000.

Ola Electric: Rapid acceleration, but a journey paved with roadblocks

Livemint

Livemint · 2y ago

Ola Electric: Rapid acceleration, but a journey paved with roadblocks

Ola Electric, India's first purely electric vehicle manufacturer to file for an IPO, dominates the electric two-wheeler market with a 32.6% share. In fiscal year 2022-23, Ola Electric reported a seven-fold surge in volumes, selling over 156,000 scooters. However, the company is looking to raise ₹5,500 crore in its IPO, targeting a steep valuation of $7-8 billion. Challenges in employee attrition, reduced subsidies, inadequate charging infrastructure, and competition from auto giants pose potential obstacles to its growth. Ola Electric has already slashed its sales goals and delayed its profitability target, raising concerns about its lofty valuations.

Ola Electric cuts FY24 projection by 60% after subsidy blow

The Arc Web

The Arc Web · 2y ago

Ola Electric cuts FY24 projection by 60% after subsidy blow

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.

Ola Electric to cut stores to 550 as sale slump widens - The Economic Times

Economic Times

Economic Times · 1d ago

Ola Electric to cut stores to 550 as sale slump widens - The Economic Times

Ola Electric plans to cut its store count to around 550 by March due to declining market share and operational challenges. Once targeting 4,000 stores nationwide, the EV maker has already reduced its outlets to 700. As EV growth slowed, Ola Electric aims to realign its retail setup and operating model. The company reported a net loss and a significant drop in revenue and vehicle deliveries, with market share falling sharply over the year.

Ola Electric revenue declines 55% to Rs 470 Cr in Q3 FY26

Entrackr

Entrackr · 7d ago

Ola Electric revenue declines 55% to Rs 470 Cr in Q3 FY26

Ola Electric’s revenue continues its downward spiral with yet another sharp drop in the latest quarter. The EV maker’s revenue shrank by 55% year-on-year during the third quarter of FY26. However, the Bengaluru-based firm managed to cut its losses by 14% in the period. Ola Electric's revenue from operations reduced to 470 crore in Q3 FY26, compared to Rs 1,045 crore in the previous year of the same quarter, its consolidated financial statements sourced from the National Stock Exchange (NSE) show. Electric scooter sales remained the primary revenue driver for Ola Electric in the first quarter of FY26, while battery sales contributed only a marginal portion. Other income related to batteries and automobiles took the company’s total revenue of Rs 504 crore in Q3 FY26, down sharply from Rs 1,172 crore in the same quarter last year. Procurement costs accounted for 31% of Ola Electric’s total expenses in Q3 FY26, standing at Rs 309 crore, according to the company’s disclosure on NSE. Employee benefits decreased by 10% to Rs 92 crore in Q3 FY26. Overall, the company controlled its total expense decreased by 43% to Rs 991 crore in Q3 FY26 from Rs 1,736 in Q3 FY25. Small scale and controlled expenses helped Ola Electric to cut its losses by 14% year-on-year to Rs 487 crore in Q3 FY26, compared to Rs 564 crore in the same quarter last year. On a sequential basis, the company’s losses increased 17% from Rs 418 crore in Q2 FY26. Last month, Ola Electric's Chief Financial Officer, Harish Abichandani, resigned for personal reasons, according to a regulatory filing. Deepak Rastogi has been approved by the board as the new CFO and Key Managerial Personnel. Ola Electric’s electric two-wheeler market share fell from 24.8% in January 2025 to under 6% in January 2026 as registrations declined. In contrast, Ather Energy increased its share during the period, while TVS Motor and Bajaj Auto maintained steady volumes. The shift indicates a redistribution of market share among established and emerging players. Following the release of its quarterly results, Ola Electric was trading at Rs 31 per share at the end of the trading session. The company’s market capitalization stood at Rs 13,638 crore ($1.5 billion).

Bhavish Aggarwal pledges Ola Electric shares for Krutrim’s debt

Entrackr

Entrackr · 1y ago

Bhavish Aggarwal pledges Ola Electric shares for Krutrim’s debt

Ola Electric’s founder Bhavish Aggarwal has pledged his Ola Electric shares to raise debt funding (via issuing debentures) for its artificial intelligence startup Krutrim SI Designs. Bhavish Aggarwal, the promoter, entered into an agreement with Axis Trustee and Krutrim Data Center Private Limited on November 23. The agreement aims to provide assurance regarding certain debentures issued by Krutrim Design, Ola Electric’s internal document accessed by Entrackr show. As per the document, Bhavish Aggarwal held 132.39 crore shares of Ola Electric, accounting for 30.02% of the company. He pledged 4.83 crore shares, representing 1.10% of Ola Electric's equity or 3.65% of his total shareholding, as an encumbrance. Entrackr has reached out to Ola Electric for more details. Artificial intelligence startup Krutrim SI Designs has raised around $75 million to date and entered into a coveted unicorn club this year. Its investors include Z47 (formerly Matrix), Sarin Family, and others. On Monday, Aggarwal revealed plans to open 4,000 Ola Electric stores in December. Ola Electric is currently trading at Rs 91.79 with a total market capitalization of 40,487 crore (approximately $4.82 billion). In Q2, Ola Electric recorded a 26% decline in its operating revenue to Rs 1, 214 crore when compared to Rs 1,644 crore in Q1 FY25. However, the firm registered 39% year-on-year increase in revenue from Rs 873 crore in Q2 FY24. The company posted a net loss of Rs 495 crore during the September quarter.

Ola Electric to compete with Mahindra, Piaggio; Plans to launch e-rickshaw by the end of this month

IndianStartupNews

IndianStartupNews · 1y ago

Ola Electric to compete with Mahindra, Piaggio; Plans to launch e-rickshaw by the end of this month

Ola Electric is set to launch its electric autorickshaw, targeting direct consumer sales in the commercial vehicle sector. The move comes as the company prepares for its IPO, aiming to raise Rs 7,250 crore. Ola Electric plans to expand its fast-charging network, introduce a new variant to its scooter series and increase its service centres. The company is also offering an eight-year battery warranty to enhance the EV ecosystem and encourage more consumers to transition to electric mobility.

Cab-hailing firm Ola Consumer gets another valuation cut

VCCircle

VCCircle · 1y ago

Cab-hailing firm Ola Consumer gets another valuation cut

Cab-hailing firm Ola Consumer is facing another valuation cut as an existing investor, Vanguard, has revised its fair value estimate downwards by about 15%. This comes after Vanguard slashed Ola's valuation to just under $2 billion last year. Ola has experienced significant fluctuations in valuation over the past four years and is now worth roughly half of its group firm, Ola Electric. The COVID-19 pandemic hit Ola hard, with revenue plunging about 95% as lockdown measures curbed travel demand. Ola Consumer is reportedly planning an IPO following in the footsteps of Ola Electric.

Electric two-wheeler sales drop 50% on month in April

Economic Times

Economic Times · 1y ago

Electric two-wheeler sales drop 50% on month in April

Electric two-wheeler sales in India experienced a significant decline of almost 50% in April due to a seasonal slowdown and changes in subsidies for the industry. Ola Electric led the market with over 33,000 units sold, although this was a drop from the previous month's record high of over 50,000 units. Legacy companies like Bajaj and TVS Motors also saw a slump in sales. The transition from one subsidy program to another also caused production slowdowns as manufacturers awaited further clarity on subsidies. Despite this, the overall EV two-wheeler market grew by 30% compared to the previous year.

Ola Electric secures Rs 366.78 Cr under govt PLI scheme for FY25

Entrackr

Entrackr · 1m ago

Ola Electric secures Rs 366.78 Cr under govt PLI scheme for FY25

Ola Electric secures Rs 366.78 Cr under govt PLI scheme for FY25 Ola Electric Mobility Limited has received a sanction order for incentives worth Rs 366.78 crore under the government’s Production Linked Incentive (PLI) Scheme for Automobile and Auto Components for FY25. The order was issued in favor of its subsidiary, Ola Electric Technologies Private Limited. The sanctioned amount will be disbursed through IFCI Limited, tied to eligible sales during the year. Ola Electric reported deliveries of 3,59,221 electric two-wheelers in FY25, up from 3,29,549 in the previous fiscal, but it has been losing market share. TVS Motor Company took the top spot in sales in November, with Ola Electric down to fifth. Ola Electric’s revenue declined 46% year-on-year in Q2 FY26, despite narrowed losses through cost controls. The company’s stock hit fresh lows due to weak performance and concerns over promoter Bhavish Aggarwal’s stake sales.

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