Ola Electric Slides 5% After Board Clears Fundraising Plan

SUMMARY

Ola’s original spare parts, diagnostic tools and service training modules will no longer be limited to its customers but will also be available for mechanics, fleet operators and independent garages

Ola Electric is scaling Hyperservice to strengthen its unit economics and expand high-margin parts and accessories vertical

Ola Electric Shares fell to INR 50.26 on the BSE, closer to its lower circuit limit of INR 50.21

Update | October 27, 20:45 IST

In an exchange filing today, Ola Electric announced that it would be scaling up its after-sales service platform, HyperService, into an open platform for EV spare parts and services to allow the purchase of its genuine spare parts directly through the Ola Electric Customer App and website, allowing every customer and garage to access high-quality, certified components, without any middlemen.

Initially, key spare parts will be available for purchase on Ola Electric Customer App and website. Subsequently, it will also start offering diagnostic tools and technician certification programs in an attempt to make an entire EV ecosystem.

“With Hyperservice scale-up, we are opening this capability to everyone. Every garage, fleet and customer can now access the same high-quality tools, parts, and systems that power Ola’s own network. Genuine parts, full transparency, and no middlemen. This is true service freedom, only possible in a D2C model,” founder and CEO Bhavish Aggarwal said.

The company said that it would be scaling Hyperservice to strengthen its unit economics and expand high-margin parts and accessories vertical. With this move, the EV maker aims to drive higher volumes through its supply chain, creating a model that is both scalable and profitable.

Shares of Ola Electric ended today’s session down 2.08% at INR 51.75.

Original | March 10, 15:20 IST

Shares of EV maker Ola Electric tumbled nearly 5% during the intraday trading on the BSE today. On Saturday (October 25), the company’s board approved a proposal to raise INR 1500 Cr.

The stock fell to INR 50.26 on the BSE, closer to its lower circuit limit of INR 50.21. However, the shares recouped some of the losses and were trading 1.9% lower at INR 51.85 at 15:00 IST. The company’s market capitalisation stood at INR 22,870 Cr (about $2.5 Bn) at the time.

Notably, the stock ended in the red in three out of the last five sessions on the BSE.

Ola Electric’s fresh fundraising plans come over a year after it raised INR 5,500 Cr via the fresh issue through its IPO in August last year.

The company said that it would raise the fresh INR 1,500 Cr via issuance of equity shares and/ or convertible securities through further public offer, rights issue, qualified institutional placement, private placement, and more modes. However, the company didn’t disclose how it intends to use the capital.

In May this year, Ola Electric’s board also approved a proposal to raise up to INR 1,700 Cr debt via NCDs, term loans, working capital facilities, or any other eligible debt securities.

Notably, Ola Electric, in its Q1 FY26 shareholders’ report, said it was “well funded for this year and the next” due to its INR 3,197 Cr cash balance at the end of June 2025.

Ola Electric has been struggling with rising losses and decline in its market share in the two-wheeler EV market. Its consolidated net loss widened 23.3% to INR 428 Cr in Q1 from INR 347 Cr in the year-ago period. Operating revenue nearly halved to INR 828 Cr during the quarter from INR 1,644 Cr in Q1 FY25.

Ola Electric slipped to the fourth position in terms of electric two-wheeler registrations in September, with Ather Energy overtaking the Bhavish Aggarwal-led company. Ola Electric’s registrations dropped to 12,223 units in September from 19,020 in August.

Amid all these, the company announced its foray into the residential battery energy storage system (BESS) segment with the launch of Ola Shakti earlier this month.