Ola Electric Mobility, which is sponsored by Bhavish Aggrawal, lost Rs 346 crore in the first quarter of FY25 year on year. Losses for Q1 FY24 totaled Rs 268 crore. On a quarter-by-quarter (Q-o-Q) basis, losses had decreased from Rs 418 crore. The company's revenue from operations increased by 32.26 percent to Rs 1,644 crore. Sequentially, revenue increased by 2.8%.
With a 48.63 percent market share, the corporation recorded its best quarterly revenue to date. This was fueled by the highest-ever car deliveries, with 1,25,198 vehicles shipped vs 70,575 in the same time previous year. The increase in deliveries of the mass-market S1 X scooter portfolio accelerated growth, while demand for the existing product range (S1 Pro, S1 Air, S1 X+) remained strong. Furthermore, the business revealed intentions to incorporate its own cell technology into its automobiles beginning in the first quarter of fiscal year 26.
Ola, India's largest electric two-wheeler (e2W) seller in terms of unit volume, accounted for 35% of total e2W registrations in FY24. The firm said that its electric motorcycle portfolio will be launched in both the mainstream and premium categories on August 15, 2024, at its annual flagship event.
Ola had received Rs 5,500 crore in fresh cash through an Initial Public Offering (IPO). The company intends to use the cash to increase the capacity of its cell production plant from 5 GWh to 6.4 GWh. It will also utilize the earnings to pay down debt and fund research and product development.
Ola Electric makes electric two and three wheelers, as well as EV components such as battery packs, motors, and vehicle chassis. Ola currently operates a factory in Bengaluru and is constructing EV hubs in the Krishnagiri and Dharmapuri regions of Tamil Nadu.
