Ola Electric Mobility, led by Bhavish Aggarwal, has reported a significant drop in revenue and an increase in losses in the third quarter of the 2024-25 financial year (Q3FY25). The company’s revenue from operations fell by 19.4% year-over-year, dropping from Rs 1,296 crore in Q3FY24 to Rs 1,045 crore. At the same time, net losses surged by 50% to Rs 564 crore, compared to Rs 376 crore in the same quarter of the previous year.
Ola Electric’s total income, including other earnings, was Rs 1,172 crore, reflecting a 14.5% decline from Rs 1,371 crore in Q3FY24.
Higher Losses Despite Cost Controls
Ola Electric made efforts to control costs, reducing its total expenses by 5.8% to Rs 1,505 crore in Q3FY25. The biggest portion of the expenses came from the procurement of materials, which accounted for nearly 56% of total costs.
Other major costs included employee salaries, advertising, and technical support. However, despite reducing some expenses, the company’s losses widened due to lower sales and fixed operational costs.
For the first nine months of FY25, Ola Electric’s total income rose by 17.7% to Rs 4,204 crore. However, net losses also grew by 20.3%, reaching Rs 1,406 crore. Industry experts believe that Ola Electric is facing increasing price competition and slowing demand in India’s electric two-wheeler market.
Ola Electric Market Position
Despite financial struggles, Ola Electric remains a leader in India’s electric two-wheeler segment. According to data from the government’s Vahan portal, Ola Electric regained its number-one position in January 2025. The company captured a 24.91% market share with 24,330 units sold.
Other key competitors in the Indian EV market included TVS Motors, which sold 23,788 units, and Bajaj Auto, which secured a 21.80% share with 21,294 units sold.
Launch of the New Ola S1 Scooter Lineup
To attract more customers, Ola Electric recently launched its third-generation S1 electric scooter lineup, offering a wide range of models at different price points.
The new S1 Pro+ comes in two variants: a 5.3kWh model priced at Rs 1,69,999 and a 4kWh model at Rs 1,54,999. The standard S1 Pro models are priced at Rs 1,34,999 (4kWh) and Rs 1,14,999 (3kWh).
For budget-conscious buyers, Ola introduced the mass-market S1 X range, starting at Rs 79,999 for the 2kWh version. The higher-capacity 4kWh S1 X is priced at Rs 99,999, while the S1 X+ model is available for Rs 1,07,999.
Ola Electric Future Strategy
Ola Electric aims to expand its presence beyond Tier-1 and Tier-2 cities, targeting a broader customer base. The company is positioning itself as a key player in India’s shift to electric vehicles, with a strong focus on affordability and innovation.
A company spokesperson stated, “With our diverse EV offerings across premium and mass-market segments and an expanding sales network, Ola Electric will continue leading India’s transition towards #EndICEAge.”
Despite financial challenges, Ola Electric remains committed to growth and innovation in India’s electric two-wheeler market.
