EV Predictions 2026, OfBusiness’ Cofounder Quits & More

What Will Drive EVs In 2026?

India’s EV dream lost some of its shine in 2025 – BluSmart collapsed, Log9 Materials hit turbulence, and Ola Electric watched its market erode. Yet, despite setbacks, a quieter shift is underway for one of India’s most-promising sectors. So, how is 2026 expected to mark a turning point in the country’s maturing EV space? 

Consolidation Wave Ahead: The electric two-wheeler (E2W) market is headed for a shakeup. With margin pressure rising, subsidies rationalising and customers demanding higher-quality products, weaker players will find it hard to survive alone. Larger OEMs are expected to snap up smaller companies for technology, dealer reach, battery platforms and software synergies, making the segment less fragmented.

The Heavy-Duty Bet: On the heavier side of mobility, e-buses will likely become mainstream, while electric tractors will gain further ground in agriculture. E-trucks, however, will continue to wrestle with battery costs and payloads on longer routes, limiting their adoption. 

Battery Tech Evolution: The coming year will also see the ecosystem move towards denser, stable chemistries (LFP) and alternative options (sodium-iron batteries). Parallely, rapid growth in battery swapping infrastructure and battery-as-a-service models will potentially reshape ownership economics.

A Move Beyond Metros: EV adoption is also expected to deepen in tier II and III cities, powered by quick commerce, last-mile logistics and mobility. Meanwhile, investors will be seen pivoting to the basics – backing EV players that have strong fundamentals and scalability. 

As India’s EV ecosystem matures, 2026 will see consolidation, stricter regulation and mass-market use cases define the next phase of e-mobility. What else is in store for India’s EV market in 2026? Let’s find out…

From The Editor’s Desk

OfBusiness’ Cofounder Quits

• Nitin Jain, cofounder and chief business officer of OfBusiness, has resigned from both the B2B ecommerce unicorn and its independent fintech arm Oxyzo. In a post, he hinted at “something big” in the works around manufacturing-aligned themes.
• Jain’s exit comes just as OfBusiness is in the middle of IPO preparations, having converted into a public company earlier this year, with plans for a reported $1 Bn listing by FY26.
• Founded in 2016, OfBusiness’ marketplace model combines raw material procurement with credit for SMEs. The company reported a net profit of INR 603 Cr in FY24 against an operating revenue of INR 19,296 Cr.

SuperYou Nets $7 Mn

• The D2C protein brand has raised INR 63 Cr in its Series B round led by V3 Ventures, bringing its post-money valuation to between INR 600 Cr and INR 660 Cr. 
• The startup plans to deploy the fresh capital toward strengthening distribution channels and scaling its team, with an eye on scaling annual sales to INR 1,000 Cr within five years with a 15% EBITDA margin.
• Founded in 2024, actor Ranveer Singh-backed SuperYou started with selling protein wafers. It later expanded into protein powders and chips. The D2C brand competes with names like Yogabar, The Whole Truth, and Gladful, just to name a few.

MoEngage Adds $180 Mn Fuel

• The customer engagement platform has closed its $280 Mn Series F round with an additional $180 Mn infusion from new investors Chrys Capital, Dragon Funds and Schroders Capital.
• The round, which was a mix of primary and secondary transactions, provided partial exits to Eight Roads Ventures, Helion Venture Partners, Z47 Partners and Ventureast. Meanwhile, it also completed a $15 Mn employee tender offer benefiting 259 employees.
• Founded in 2014, MoEngage provides customer engagement tools to 1,350 global consumer brands, including SoundCloud, McAfee and Flipkart. Operating in over 75 countries, the startup was last valued at $850 Mn.

Paytm Bags More PA Licences

• The fintech major’s subsidiary Paytm Payments Services Ltd has secured three crucial payment aggregator (PA) licences from the RBI for offline payments and cross-border transactions (both inward and outward).
• This follows Paytm completing an additional investment of INR 2,250 Cr in the subsidiary via a rights issue on December 12, aimed at strengthening net worth and working capital needs.
• The licences mark a critical milestone in Paytm’s recovery after the RBI’s 2024 crackdown effectively shut down Paytm Payments Bank, leaving the company without in-house rails to move money or onboard merchants.

Ola Electric Shares Crumble 

• Founder and promoter Bhavish Aggarwal yesterday offloaded another 4.19 Cr shares in the EV maker for INR 142.3 Cr. With this, he has sold stock worth INR 234 Cr in the past two days.
• This followed Aggarwal selling 2.6 Cr shares for INR 92 Cr via a block deal on December 16. At the time, the company clarified that it was a one-time deal to fully repay a loan of INR 260 Cr and release all previously pledged 3.93% shares.
• Amid this, its shares plunged to a fresh all-time low of INR 32.68 during intraday trade on Wednesday. The stock ultimately closed at INR 32.8, down 57% YTD and 64% from its listing price of INR 76.

Inc42 Markets

Inc42 Startup Spotlight

How Axirium Is Fixing India’s Precision Engineering Gap

India’s aerospace and defence sector is still heavily dependent on foreign imports for critical components. This inflates costs for OEMs and slows timelines for programmes that need rapid, reliable prototyping and scaled manufacturing. Bridging this precision gap is Axirium.

Building The Precision Backbone: Founded in 2025, Axirium Aerospace manufactures high-precision metal parts and small assemblies for aircraft, with a focus on meeting stringent defence and commercial aviation standards rather than generic machining demand.

Early Scale & Network Effects: The Mumbai-based startup claims to have already served more than 200 customers, worked with over 1,000 suppliers and is delivering upwards of 1 Mn parts annually. This early network gives it a dual advantage – consistent order flow from OEMs and a vetted supplier base that can be scaled over time.

Riding A $21 Bn Tailwind: India’s aerospace manufacturing opportunity is projected to exceed $21 Bn by 2030. Positioned at the intersection of localisation, defence indigenisation and global supply-chain diversification, Axirium is betting that a specialised, high-quality domestic ecosystem can win a big share of this growing ecosystem. So, can Axirium be a precision partner for aerospace giants?

Infographic Of The Day

With Blinkit, Zepto and Instamart tightening their grip on quick commerce, 2026 could decide whether Flipkart Minutes scales up or fades out.