Once, Ola Electric was more than just a company. Cofounder and chief executive Bhavish Aggarwal promised not just electric scooters, but the ‘end’ of the internal combustion engine (ICE) age. Backed by a so-called Future factory in Krishnagiri, Tamil Nadu, the EV maker helped create a category, introduced swathes of Indians to the idea of owning an electric scooter and dominated the sales charts for years. However, the narrative seems to have hit a major snag. The recent Q3 FY26 numbers paint a picture of the electric two-wheeler giant in retreat – revenue cratered by more than half, market share continued to erode, and deliveries plummeted. While the company’s net losses did narrow marginally compared to last fiscal, thanks to a cold ‘structural reset’, sequential numbers show an even worse picture. The auditor’s notes, usually the driest part of any financial report, also raised questions about the EV maker’s ability to function as a going concern in the face of falling sales and mounting operational friction. Service woes, subsidy cuts, and fierce competition are adding to the company’s misery. So, is all this a temporary setback or the beginning of Ola Electric’s unravelling in a maturing EV market? Ola Electric’s… Read MoreInc42 Media
