๐Ÿš€ Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. ๐Ÿ”ฅ
Login

News on Medial

Related News

Ola Electricโ€™s Secretary and Compliance Officer Pramendra Tomar resigns

YourStoryYourStory ยท 9m ago
Ola Electricโ€™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).

Ola Electricโ€™s two wheeler market share rises to 30% in October

EntrackrEntrackr ยท 8m ago
Ola Electricโ€™s two wheeler market share rises to 30% in October
Medial

After consecutive declines in market share, electric two-wheeler manufacturer Ola Electric regained traction in October with sales increasing during the festive period. According to Vahan data, Ola Electric sold 41,605 units in October, up from approximately 24,726 units in Septemberโ€”a 68% month-on-month rise. Subsequently, the Bengaluru-based company's market share also climbed to 30% in October, compared to 27% the previous month. However, this figure remains lower than its earlier market shares, which stood at 32% in August, 39% in July, and 49% in June. In October 2024, the Indian electric two-wheeler market recorded total sales of 139,031 units. Ola Electric led the market with 29,890 units sold, followed by TVS Motors with 28,188 units, Bajaj Auto with 15,984 units, Ather Energy with 7,309 units, and Hero MotoCorp with 7,137 units. Ola Electric has been under significant scrutiny recently. Earlier this month, the Central Consumer Protection Authority (CCPA) issued a show-cause notice to the company for alleged violations related to consumer rights, misleading advertising, and unfair trade practices. Ola Electric has since addressed almost all after-sales complaints filed with the CCPA, according to a recent clarification. However, the Department of Consumer Affairs is reportedly investigating to confirm these resolutions. Customer complaints and a social media exchange between Olaโ€™s CEO, Bhavish Aggarwal, and comedian Kunal Kamra have kept the company in the public eye. Financially, Ola Electricโ€™s Q1 FY25 results show a modest 2.8% revenue increase, reaching Rs 1,644 crore, compared to Rs 1,598 crore in Q4 FY24, along with a 16.6% reduction in losses to Rs 347 crore. The companyโ€™s stock, however, is currently trading at Rs 80, nearly 50% below its peak of Rs 157.53 in mid-August, as the market awaits the Q2 results.

TVS Motor tops E2W market in April, surpasses Bajaj Auto and Ola Electric

EntrackrEntrackr ยท 2m ago
TVS Motor tops E2W market in April, surpasses Bajaj Auto and Ola Electric
Medial

TVS Motor has emerged as the leader in India's electric two-wheeler (E2W) market for April 2025, surpassing Bajaj Auto and Ola Electric, which previously held the top spot. Last month, TVS sold 19,736 units, a 154% year-over-year (YoY) increase with a 22% market share, according to Vahan data. In comparison, Ola Electric sold 19,709 units, a 42% decline from the previous year, and held a 21% market share. Bajaj Auto saw a 151% YoY growth to 19,001 units and secured a 21% market share. Ather Energy saw a 31% increase in sales to 13,167 units, holding a 14% market share. Hero MotoCorp reported a remarkable 540% YoY growth, with 6,123 units sold and a 7% market share. While Ola Electric has increased its market share on a month-on-month basis, the decline in sales can be attributed to increased competition and strategic shifts. The Bhavish Aggarwal-led company also faced significant regulatory scrutiny and potential showroom shutdowns due to violations related to trade certificates and vehicle registrations in several states, including Maharashtra. However, the company said it is unaware of any official notice directing the closure of over 100 of its showrooms in Maharashtra. In contrast, traditional players like TVS, Bajaj, and Ather have capitalized on the growing demand for electric two-wheelers, with TVS achieving its best-ever April sales and leading the market for the first time. Bajaj Auto's performance was bolstered by strong sales of its Chetak e-scooter, which topped e-scooter sales in Q4 FY25. Ola Electric will also face competition from Ather Energy in the public market, as the latter recently closed its subscription window and is now set to be listed on the stock exchange.

Ola Electricโ€™s 2W market share declines to 24.5% in November

EntrackrEntrackr ยท 7m ago
Ola Electricโ€™s 2W market share declines to 24.5% in November
Medial

India's electric two-wheeler market recorded a 29% year-on-year growth in November, with total sales exceeding 118,000 units. However, on a month-on-month basis, the segment registered a nearly 15% decline compared to October, according to Vahan data. Ola Electric retained its position as the market leader with 29,191 units sold, which accounted for 24.54% of the EV two-wheeler market. The Bhavish Aggarwal-led companyโ€™s market share has seen fluctuations over the past six months. In October, its market share rose to 30% from 27% in September. However, this remains lower than its earlier shares, which were 32% in August, 39% in July, and a peak of 49% in June. TVS Motor and Bajaj Auto remained in close competition in November with sales of 28,200 and 27,400 units, respectively. The two companies also closed the gap with Ola Electric, capturing 23% and 22% of the market share, respectively. Ola Electricโ€™s arch rival Ather Energy secured the fourth position with 15,800 units, while Hero MotoCorp's electric division recorded 3,300 units. Ather, which is also on the verge of listing on the stock exchange, controls 11% share in EV two wheelers space. Similar to its performance in the EV two-wheeler market, Ola Electricโ€™s share price has also seen fluctuations in recent months. In November, its shares were trading at Rs 72.72, nearly 54% lower than their peak of Rs 157.53 in mid-August. However, last week, the stock surged by nearly 30% following the announcement of a new scooter range. This new range, designed primarily for commercial use in commerce and deliveries, is expected to boost the companyโ€™s sales in the coming months. 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.

Download the medial app to read full posts, comements and news.