Ola Electric’s Cash Clock Is Ticking

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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,........

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