Ola Electric News

Aggarwal on Friday unveiled the company's latest electric scooter portfolio, introducing improvements in efficiency and power. The Gen 3 platform introduces a dual anti-lock braking system (ABS) and Ola Electric’s patented brake-by-wire technology, increasing energy recovery by a claimed 15%.

Ola Electric for additional documents as part of its ongoing investigation into the electric two-wheeler manufacturer. “In continuation of the earlier letter received from the Central Consumer Protection Authority dated December 04, 2024, by Ola Electric Mobility Limited (the Company) we would like to inform you that the Company has received further request for information via email dated January 10, 2025,” Ola Electric said in an exchange filing on Friday. This comes days after the Karnataka High Court granting the Bhavish Aggarwal-led firm a six-week extension to submit its response to the CCPA. The CCPA first issued the show-cause notice to Ola Electric on October 8, 2024 over alleged consumer rights violations, misleading advertisements, and unfair trade practices.

Ather Energy has received approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO).

Ola Electric on Wednesday said it has opened 3,200 new stores with service facilities, expanding its store network four times to 4,000 across India. This comes amid growing complaints by customers over quality and after-sales service.

Ola Electric shares will be in focus on Friday after the Central Consumer Protection Authority (CCPA) requested additional documents and information from the electric two-wheeler manufacturer in connection with a previously issued show cause notice. The communication, sent via email on December 4, gives the company 15 days to submit its response, Ola Electric said in a filing with stock exchange Thursday.

Mishtann Foods, Canara Bank, Nykaa, Ola Electric, Dr Reddy's among others will be in focus due to various news developments. Mishtann Foods Capital markets regulator Sebi has directed Mishtann Foods to bring back nearly Rs 100 crore, an amount the company allegedly misappropriated through dubious transactions with related parties.

Ola Electric, India's electric vehicle (EV) company, has announced a massive expansion of its distribution network, aiming to increase the count to 4,000 stores by December 20, 2024. This rollout, featuring over 3,200 new outlets alongside its existing 800 stores, is one of the most extensive EV distribution expansions globally, underscoring Ola's commitment to democratizing EV adoption in India. The expanded network will cover all pin codes in the country, making Ola Electric the largest EV distributor in India. All new stores will be equipped with co-located service facilities, further enhancing after-sales support for customers.

Vodafone Idea topped the list of India Inc's largest loss-making company in Q2 with a loss of Rs 7,176 crore. NBFC Sammaan Capital, which was earlier known as Indiabulls Housing Finance, reported the second largest loss pile of Rs 2,761 crore. PSU fuel retailer Indian Oil's Q2 loss was also more than Rs 1,100 crore.

Subscribe to enjoy similar stories. Mumbai: When comedian Kunal Kamra began posting videos of old, dusty piled up scooters lying before Ola Electric service centres, he seemingly triggered a tidal wave of rants by Ola customers who had long given up on any redressal. Kamra’s X (formerly Twitter) post blew up with photos and videos of non-functional scooters.

People aware of the ongoing downsizing drive within Ola Electric said the company has cut 300-400 jobs, or under 10% of the workforce, over the past few months. The numbers would go up and as many as 500 employees may be impacted as the process is still ongoing, according to one of the people. «There is an emphasis on profitability and workforce optimisation is in line with that goal,» said a person close to the company.

Swiggy listed at Rs 421, an 8% premium over its issue price of Rs 390 on Wednesday, becoming the latest new-age company to debut on public markets. The stock closed at Rs 455.95 on the NSE,reaching Rs 464 during the day’s session. The past three years have seen significant IPOs from tech companies, the latest being Ola Electric, FirstCry, and Awfis. Here's a snapshot of notable new-age market debuts and Day 1 gains:

Ola Electric, on Friday announced its ambitious plans to launch 20 new products across various two- and three-wheeler categories over the next two years, with at least one new release per quarter.

SBI, Tata Motors, Ola Electric, Vedanta, Indian Hotels among others will be in focus due to various news developments and second quarter results. SBI, LIC, Tata Motors, Vedanta, MRF, Vedanta, Ola Electric, Ashok Leyland Shares of SBI, LIC, Tata Motors, Vedanta, MRF, Vedanta, Ola Electric and Ashok Leyland will be in focus as the companies will announce their second quarter results today.

Kunal Kamra took to X (formerly Twitter) to express his frustration over the poor condition of Ola Electric scooters and urged Union Minister Nitin Gadkari to intervene. In his post, Kamra highlighted the plight of Indian customers, criticising the lack of accountability from Ola. He emphasised how customers are struggling to commute and are being forced to take bad loans due to issues that, according to him, are the company’s responsibility. His post was triggered by a complaint from Rangraj Nagar in Solapur, where several Ola scooters were reportedly found in poor condition. The user expressed outrage over the absence of qualified engineers or technicians at the site, stating that such negligence is unacceptable given that customers have invested their hard-earned money into these products. Tagging prominent figures including Ola Electric’s CEO Bhavish Aggarwal, Prime Minister Narendra Modi, and Minister Gadkari, Kamra's post urged government agencies to intervene and address the grievances.

Zomato, Paytm, Bajaj Finance, Ola Electric, Eicher Motors among others will be in focus due to various news developments and second quarter results. Bajaj Finance, Adani Green, Zomato, Paytm, Adani Energy Solutions, Varun Beverages, ICICI Pru Life

Ola Electric announced today that it has resolved 99.1% of the 10,644 complaints received from customers, asserting that it has a robust system in place to address consumer grievances. The electric scooter maker currently holds a 27% market share in India's e-scooter market. Earlier this month, the Central Consumer Protection Authority (CCPA) issued a show-cause notice to Ola Electric for alleged violations of consumer rights, misleading advertisements, and unfair trade practices. The notice addresses various consumer concerns, though specific allegations have not been disclosed. The CCPA's notice is seen as a formal measure to ensure consumer protection amid mounting complaints.

Electric two-wheeler market leader Ola Electric has engaged EY India for a “service transformation” amid mounting after-sales service issues, a barrage of consumer complaints and declining sales volumes, multiple people aware of the development said. The global consulting services firm is likely to advise the Bhavesh Aggarwal-run startup on a whole host of service-related aspects of the business, from streamlining business processes to stocking and inventory management of spare parts, they said. An email sent to an Ola Electric spokesperson remained unanswered until press time Tuesday.

Ola Electric on Tuesday issued a clarification about the regulatory scrutiny into the pricing of its most affordable scooter. «We have not changed the price of Ola S1 X 2 KWh. We are running a very limited time festive campaign for a brief period where we are giving a general discount of Rs 5,000 to every customer and higher discount of Rs 25,000 to only a few customers and that too only with very limited inventories,» the company said in a filing to the exchanges. The Automotive Research Association of India (ARAI) had raised concerns about Ola Electric’s failure to inform the agency of a price reduction for its S1 X 2 kilowatt-hour model before initiating its high-profile “BOSS” sale.

Tata Motors, even as e-two wheelers continued on the growth path advancing by a brisk 40.45% as the ‘legacy’ manufacturers saw a steep climb in volumes at a fast pace, shows retail sales data based on the vehicle registration numbers released by Federation of Automobile Dealers Associations (Fada) on Tuesday. The robust growth in e-two-wheelers improved their penetration to 7.5% during the month, up 2.6% year-on-year.

Subscribe to enjoy similar stories. Investment banks reaped a record harvest in terms of underwriting fees in the first nine months of 2024, a year that saw companies such as Ola Electric, FirstCry, Awfis and Ixigo march to the market. Thanks to a flurry of initial public offerings, block deals and private placements, underwriting fees in the equity capital markets (ECM) rose 110% from a year earlier to touch $471 million, data from the London Stock Exchange Group (LSEG) showed, the biggest nine-month haul since records started in 2000.

Subscribe to enjoy similar stories. India’s electric vehicle (EV) market is no longer a startup playground. Bajaj Auto, a ‘legacy’ two-wheeler maker once far behind the EV race where Ola Electric and other startups were shaping the market, has nearly doubled its market share since the start of the fiscal in April.