Ola Electric faces challenges despite becoming first new-age EV startup to go public

Ola Electric had a mixed year in 2024, becoming the first new-age electric vehicle startup to go public. However, it faced declining sales, increased customer complaints, and regulatory scrutiny, overshadowing its achievements. The company's market share dropped from 52% in April to 25% by November. Despite a 32.3% rise in operating revenue, its net loss widened to Rs 347 crore in the June quarter, highlighting ongoing financial challenges. In response to customer complaints, Ola Electric expanded its service network to 4,000 stores across India. The company also experienced significant executive turnover, with several senior leaders resigning throughout the year.