Bhavish Aggarwal’s flip-flops raise questions about Ola Electric’s future

Subscribe to enjoy similar stories. New Delhi: Ola Electric Mobility Ltd’s ever-changing commentary on every aspect of the business has left industry observers and analysts questioning the company’s future.

Since the start of the ongoing financial year in April 2025, founder Bhavish Aggarwal and the maker of S1 Pro have changed their stance on the capacity of the company’s gigafactory, the number of sales it needs each month to break even, revenue guidance, and the strength of its distribution network. The inconsistent outlook and forecasts coincide with plunging sales of its electric scooters, highlighting its inability to shake off concerns that began with concerns about the quality of after-sales services.

That has eroded investor trust, wiping out more than half of the company’s market value in the past year. While it is fine to adapt strategies to changing business environments and competitive moves, statements which are not backed by business logic can be construed as misleading investors, said Shriram Subramanian, founder at Ingovern Research Services, a proxy advisory firm.

“Listed companies should not make very sweeping statements without planning granularly." Ola Electric did not respond to queries emailed on Monday. Among the series of flip-flops over the last seven months, the contrasting commentary on the expansion of the gigafactory stands out.

On 14 July last year, after the earnings for the first quarter ended June, Aggarwal-led Ola Electric said in a letter to shareholders that “given that the EV market has evolved slower in recent quarters, we don't foresee the need to expand beyond 5GWh (capacity) till FY29." The company originally planned to reach 20GWh.