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India’s electric vehicle (EV) sector, often seen as a key player in the country’s clean energy transition, has been called “irrelevant” without government <keyword id="20231384" type="General" weightage="20" keywordseo="incentives" source="keywords">incentives</keyword> by a recent Bernstein research report. The report highlights the serious challenges automakers face in achieving profitability and scaling operations in the EV segment, which remains heavily reliant on financial support from the government. <h2>Struggling to achieve profitability</h2>The Bernstein report reveals that generating profitable margins in the Indian EV sector is proving to be an uphill battle for automakers. “It is tough to generate sufficient margins and get scale in EVs. Even with hefty incentives, incumbent OEMs are still unprofitable,” the report stated. This underscores the fact that even with <keyword id="20022183" type="General" weightage="20" keywordseo="government-subsidies" source="keywords">government subsidies</keyword> aimed at promoting <keyword id="20138204" type="General" weightage="20" keywordseo="electric-mobility" source="keywords">electric mobility</keyword>, automakers are struggling to make EVs financially viable. High production costs, limited infrastructure, and relatively low consumer demand all contribute to this issue. Traditional automakers, particularly in India’s two-wheeler market, are facing significant financial losses. According to Bernstein, while some niche startups may survive, their long-term market share will likely remain limited, and competition will primarily be between established original equipment manufacturers (OEMs). The key challenge for these OEMs is achieving the scale and cost reductions required to compete with the well-entrenched internal combustion engine (ICE) sector. <h2>Reliance on incentives</h2>One of the most striking conclusions from Bernstein’s analysis is the deep reliance of the EV sector on government subsidies. Without these incentives, the <keyword id="19952060" type="General" weightage="100" keywordseo="EV-Industry" source="keywords">EV industry</keyword> would be unable to compete with traditional ICE vehicles. “The EV Industry is not relevant without incentives currently, and to break the ICE sector, it needs intense focus, scale, and continued cost downs,” the report emphasised. This indicates that while government schemes like GST benefits have helped reduce the cost difference between EVs and ICE vehicles, they are not enough to ensure the long-term sustainability of the EV sector. Bernstein estimates that the overall EV two-wheeler industry in India generates around USD 1.3 billion in annual revenues, but without government support, the sector incurs an EBIT loss of approximately USD 300-400 million. The high cost structure of EVs, combined with the relatively low sales volumes, makes it difficult for companies to operate without subsidies. <h2>Established players face mixed fortunes</h2>Among India’s leading two-wheeler manufacturers, Bernstein noted that <keyword id="19897354" type="General" weightage="20" keywordseo="Bajaj-Auto" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Auto" meta.hostid="265" meta.entityid="Bajaj Auto">Bajaj Auto</keyword> and <keyword id="20326963" type="General" weightage="20" keywordseo="TVS-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motors" meta.hostid="265" meta.entityid="TVS Motors">TVS Motors</keyword> are on a similar footing in terms of their performance in the EV space. Bajaj Auto received an "Outperform" rating from Bernstein due to its lower valuations, while TVS Motors was rated "Market Perform" after it was found to be losing approximately 7.5% in EBITDA, or Rs 11,000 per vehicle, despite generating a gross profit margin of 7% without subsidies. <div type="Article" hostid="261" msid="113631992" title="Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh" mstype="2" mssubtype="0"></div>Hero MotoCorp, a major player in India’s automotive market, lags behind both Bajaj and TVS in terms of its EV offerings. Bernstein also pointed out that Eicher Motors, which is expected to launch its own <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> soon, is likely to remain “sub-scale and less relevant” in the competitive EV landscape. Interestingly, <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="265" meta.entityid="Ola Electric">Ola Electric</keyword> (Ola-E) stands out as a startup that has been able to generate positive operating earnings (EBITDA) from its premium models like the S1 Pro and S1 Air, even as it incurs losses on its mass-market model, the S1X. “Our analysis indicates that Ola-E is generating positive operating EBITDA from its premium models, such as the S1 Pro and S1 Air while incurring a loss on its mass-market model, the S1X,” the report said. While Ola has shown some promise, it too remains heavily dependent on subsidies to maintain its financial health. <h2>Long-term outlook</h2>Bernstein’s report paints a challenging picture for the future of India’s EV sector, suggesting that while dominant startups may survive, the majority of the competition will come from traditional automakers. However, without significant scale and continued cost reductions, the EV industry will struggle to become self-sustaining. <div type="Article" hostid="261" msid="113315022" title="Waiting for the festive season to buy an EV? Cabinet approves PM E-Drive subsidising most EVs, sans electric cars" mstype="2" mssubtype="0"></div>Bernstein emphasised that to truly compete with ICE vehicles, the EV sector needs to focus on scaling up operations, reducing costs, and maintaining long-term commitment. Until these conditions are met, India’s EV industry will remain highly dependent on government support and may continue to face an uphill battle for relevance. In conclusion, while India’s EV sector is seen as a vital part of the country’s clean energy future, Bernstein’s analysis highlights that it is far from being self-reliant. The industry’s heavy dependence on government incentives raises questions about its long-term sustainability and relevance, particularly in the face of ongoing challenges with profitability and scale. (With inputs from ANI)

Why has Bernstein called India’s EV sector 'irrelevant'?

<keyword id="19956271" type="General" weightage="20" keywordseo="Ola-Electric-Mobility" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric Mobility" meta.hostid="261" meta.entityid="Ola Electric Mobility">Ola Electric Mobility</keyword> on Wednesday reported a higher consolidated loss of Rs 347 crore for the April-June quarter compared to the year-ago period. The company's losses in the April-June period of 2023 were Rs 267 crore, according to an exchange filing. Revenue from operations for the quarter under review was Rs 1,644 crore against Rs 1,243 crore in the same quarter of the previous fiscal, according to the filing. The Bengaluru-based firm said its total expenses during the first quarter grew to Rs 1,849 crore compared with Rs 1,461 crore in the June quarter of FY24. The company made its market debut earlier this month. The company in a statement said its automotive segment (E2W) posted a strong improvement in EBITDA (earnings before interest, tax, depreciation and amortization) margin and is close to EBITDA breakeven. The quarter witnessed the highest-ever deliveries of vehicles by the company at 1,25,198 units as against 70,575 units delivered in the same period last year, <keyword id="4393078" type="General" weightage="20" keywordseo="Ola-Electric" source="Orion">Ola Electric</keyword> Mobility said. The company also said it ramped up deliveries of its mass-market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate the growth, adding that the existing product portfolio also saw strong demand which continued growth momentum throughout the quarter. According to Ola, the increasing scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimization. These benefits of scale are further amplified by the company's scalable platform-based product development and manufacturing technology that results in high degrees of commonality across its products, it said. The company also announced on Wednesday the integration of its cells in its vehicles by the first quarter of next fiscal. Ola said it will launch its electric motorcycle portfolio across mass and premium segments during its annual flagship event on August 15, 2024. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-pixel-9-pro-and-pixel-9-pro-xl-launched-in-india-starting-at-79999/articleshow/112512198.cms">Pixel 9, Pixel 9 Pro and Pixel 9 Pro XL launched in India starting at ₹79,999</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a>

Ola Electric Mobility losses widen to ₹347 crore in Apr-Jun quarter

New Delhi: <keyword id="21530712" type="General" weightage="100" keywordseo="Ola-Founder-Bhavish-Aggarwal" source="keywords">Ola Founder Bhavish Aggarwal</keyword> is placing bold bets on new-age technologies with a view for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to be at the forefront of the current global <keyword id="22912054" type="General" weightage="20" keywordseo="tech-transition" source="keywords">tech transition</keyword> led by AI, and build <keyword id="22912488" type="General" weightage="20" keywordseo="jobs-of-the-future" source="keywords">jobs of the future</keyword> in the country. In an interaction with PTI editors at the agency's headquarters here, he said the private sector has to do the bulk of job creation, step up and do more, while creating an enabling environment and correcting imbalances, such as that of trade, are the responsibility of the government. Aggarwal also supported the government's move to offer fiscal incentives to global EV makers, including Tesla, through the new EV policy saying it is important for India to attract all kinds of investment, and globally established players will help in the development of the EV ecosystem in the country. The group's newly-listed entity <keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="83" meta.entityid="Ola">Ola</keyword> Electric aims to make India a global electric vehicle (EV) hub but the country has to invent an EV and energy transition paradigm for itself based on its needs as the world cannot achieve a sustainable future without India, he added. "There is a global technology transition happening and AI is a very important technology of the future, and we in India need to lead this journey. If you look at the current state, I think we are still adopters of somebody else's technology paradigms, especially in the digital world," Aggarwal said, explaining why the Ola group had set up AI start-up Krutrim last year. One of the things in Krutrim is to build AI models on Indian data, which is more attuned to Indian use cases, Indian paradigms, he said, adding, "We are making our own AI, on our own cloud, on our own chip." Despite India producing 20 per cent of the world's digital data at present, he lamented that the country does not fully own the data, as 80 per cent are stored outside, which are then processed into AI and "brought back into India and sold to us in dollars". When asked about concerns over AI leading to job losses, he allayed the apprehension saying that the IT boom created jobs in India when people feared that computers would take away jobs, and AI is a similar tool. "AI is not going to replace anyone. Maybe that future is a few decades away... We don't need to get anxious about that future right now. We need to, as a country, see that AI is going to amplify productivity. If we don't get onto the bandwagon, we will be left behind...," he asserted. In his view, Aggarwal said the way forward is for India to become experts in future technology. "Future technologies bring with it jobs of the future, supply chain of the future. And if we are global leaders, we are the fastest adoptive market of future technologies (then) jobs of the future will be built in India, supply chains of the future will be built in India. This is the only way... If we focus on protecting the past, you remain uncompetitive," he added. Sharing his take on employment generation in India, Aggarwal said, "I actually believe the private sector has to do the bulk of the job creation. The government's job is to create the enabling environment, create the fundamentals, help correct imbalances wherever they are, be it trade imbalances, etc and incentivise wherever it needs to be incentivised, like the PLI schemes." The government's steps such as the employment-linked incentives will also encourage private industry, he said, adding "But fundamentally the private sector has to step up and do more". Asked if the government is doing enough to create that ecosystem for the private sector, Aggarwal said, "I'm not in the government, so I want to put the limelight on ourselves. Is the private sector doing enough? I think we all can do more, and I'm on the same page. We all need to do more." In response to a query on his views over the government in extending the fiscal concession that companies like Tesla have been demanding from India, he said, "It is very important for India to attract all kinds of investment, especially (from) world leading companies. "Tesla is a best in class company. The more companies like these invest into India, the better it is for India, in a broad sense as well for the industry." He further said, "The (EV) ecosystem, including my company, will benefit from it, because it will raise the bar on expertise, on excellence, on talent, everything..." About the newly-listed entity Ola Electric, he said, "Our mission at Ola electric is to really make India a global EV hub." The company will build products such as electric two and three-wheelers that Indians need for the country to be able to invent an EV and energy transition paradigm for itself, different from the current global solution for sustainability that is focussed on electric luxury cars, Aggarwal added. On Ola Consumer, he said the ride-hailing mobility vertical is fairly profitable, while it is investing into the new e-commerce for which it has partnered with ONDC.

India needs to lead global tech transition, build jobs of the future: Ola Founder Bhavish Aggarwal

Shares of <keyword id="19956271" type="General" weightage="100" keywordseo="Ola-Electric-Mobility" source="keywords">Ola Electric Mobility</keyword> were in a freefall today, tanking about 4.55% on the NSE and 4.88% on BSE. Today also marked 30 days since the company was listed on the bourses (August 9th), bringing down shutters on the one-month lock-in window anchor investors are mandated to hold stocks for, before deciding to offload 50% of shareholding. Around 18.18 crore shares, or about 4% of company's outstanding shares were eligible for trading in the market post the 30-day lock-in, which hurtled Ola's stock towards Rs 100. While the stock managed to gain some ground later in the day, and was trading at Rs 114.10 when the markets closed today, slightly up from its intraday low of Rs 109. However, it still remained a far cry from its all-time high price of Rs 157.4, which it had hit on August 20th, 2024. Ola Electric, which currently dominates the Indian EV space, debuted on stock exchanges last month, and was looking to raise Rs 6,145.56 crore via fresh issue, along with an OFS (offer for sale) of 8.49 crore equity shares. The IPO was oversubscribed by around 4x. Going ahead, the Bhavish Aggarwal-led startup is also set to face intense competition from fellow EV maker Ather Energy. With its IPO set to hit the markets soo, Ather is looking to raise Rs 3,100 crore via fresh issue, and an OFS of about 2.2 crore equity shares. Per the DRHP (draft red herring prospectus) filed by Ather, its net worth for FY24 stood at Rs 545.9 crore. The remaining 50% of Ola Electric's shares will be eligible for offloading by anchor investors in 60 days from now, or 90 days since the date of allotment. While this event will certainly test Ola's buoyancy in the market, the fact remains that Ola was off to a stellar start days after its listing, when the stock price accelerated to Rs 157.4 on August 20th, 2024. This skyrocketed the company's valuation well beyond that of established Indian 2-wheeler giants like Hero Moto Corp and Bajaj, albeit briefly. In fact, for a small period, Ola Electric Mobility had recorded valuations higher than that of Tesla's. For perspective, Ola's market capitalization, as of today, stood at Rs 50,327.57 crore. Bajaj Auto, which listed on the exchanges in 2008, presently has a market value of Rs 3,02,993.79 crore, while Hero Moto Corp, which was listed in 2003, currently has a market value of Rs 1,14,788.59 crore. However, ever since hitting this peak on August 20th, Ola's prices have only been on a downward journey. However, now that the stock has witnessed a price correction of sorts, the question remains- has Ola corrected enough, or are we still in for further downside? As per SEBI registered Investment Advisor Gaurav Goel, Ola continues to trade in the expensive zone despite recent correction. "The recent mercurial rise in the stock has been more on the promise it holds for the future. It is the largest <keyword id="23099550" type="General" weightage="20" keywordseo="E-Scooter-Manufacturing" source="keywords">E-Scooter Manufacturing</keyword> company in India, with 31% market share in the E2W sector, selling 3,29,618 scooters in FY24. Recently, it also forayed into the motorcycle segment with several new “Roadster” models at an attractive pricing. It is building an Ola Gigafactory for cell production in Tamil Nadu, and a Battery Innovation Centre in Bangalore", Goel explained. "However, we feel that despite attractive future plans, the stock is currently overpriced. Despite rising revenues, we need to see how quickly it is able to translate widening losses into profits", he continued. <h2>Gaping holes, take a long-term approach </h2>It is hard to overlook the wide, year on year losses that the company continues to incur. As of March 2024, the company had racked up an operating loss of Rs 1,266 crore. Per its Q1FY25 financials, the company's losses before taxes during April-June 2024 grew to Rs 347 crore, up from Rs 267 crore in the year-ago period. The company's cash flows from operating activities continued to be in red, rising from Rs 2,520.25 crores in March 2021 to Rs 15,072.71 crore as of March 2023. Generally, if a company is regularly registering negative cash flows from its primary, operational activity, it is a troubling sign, indicating that the company is spending more than what its making. Ola continues to rack up major losses in its cell business, which reported a loss of Rs 5 crore in Q1FY25. The segment's operating expenses, however, doubled from Rs 11 crore in Q1FY24 to Rs 22 crore in Q1FY25. Per Agrawal, the indigenously developed 4680 Bharat Cell, which will be integrated in all Ola vehicles starting Q1FY26, will help in bettering the company's profit margins, given that cells constitute around 30-35% of overall vehicle's cost. Which is why experts suggest not to buy into any short-term euphoria surrounding the stock, and instead, opt for a long-term approach. While there is scope, it is largely unchartered waters, which will have to face the tides of multiple market volatilities and cycles, before it starts to generate sustainable, significant returns. Goel believes that while the new vehicle segment is a good space to enter, the competition here is going to be stiff. Customer actual response in terms of sales is yet uncertain. "We recommend a buy on dips on this stock. An entry level of Rs 100 would be good point for purchase. It should be kept for the long-term, for a period of at least 3-5 years for realization of its potential"

Shares of Ola Electric have tapered down from their record-highs. Is this a good time to buy in?

To gain something, <keyword id="20430890" type="General" weightage="20" keywordseo="Aman-Sehrawat" source="keywords">Aman Sehrawat</keyword> firstly needed to lose something. When the scales of the weighing machine showed 61.5 kg on Thursday after his semi-final defeat to eventual champion Rei Higuchi, Aman had a bigger job at hand before taking the mat for the <keyword id="20257145" type="General" weightage="20" keywordseo="bronze-medal" source="keywords">bronze medal</keyword> play-off. India's youngest <keyword id="19986816" type="General" weightage="20" keywordseo="Olympic" source="keywords">Olympic</keyword> bronze medal winning grappler had to shed 4.5 kilograms of bodyweight in a stipulated time of 10 hours before mandatory second day weigh-in to qualify for the 57 kg bout. By the time Aman was up on the weighing machine on second morning, he along with his coaches Jagmander Singh and Virender Dahiya had accomplished the mission -- reduced 4.6 kgs to be eligible for the fight at 56.9 kg. It was case being exactly 100 gram less than critical limit. If 100 gram became tragedy for Vinesh Phogat, it was a case of relief for Aman. On Thursday, Aman had lost his semifinal bout against Japan's Rei Higuchi around 6:30 pm. There was no time to waste. The 'mission' began with a one-and-a-half-hour mat session during which the two senior coaches engaged him in standing <keyword id="19908341" type="General" weightage="20" keywordseo="wrestling" source="keywords">wrestling</keyword> and it was followed by a one-hour hot-bath session. At 12:30 they hit the gym, where Aman had a non-stop one-hour run on the treadmill. The sweating would help in cutting weight. He was then given a 30-minute break, followed by five sessions of 5-minute sauna bath. By the end of the last session, Aman was still weighing 900g more. He was given a massage and then the coaches asked the Chhtrasal trainee to do light jogging. It was followed by five 15-minute running sessions. By 4:30am, Aman was weighing 56.9kg -- 100g less. The coaches and the wrestler heaved a sigh of relief. In between these sessions, Aman was given lukewarm water with lemon and honey and a bit of coffee to drink. Aman would not sleep after that. "I watched videos of wrestling bouts, the whole night." "We kept checking his weight every hour. We didn't sleep the whole night, not even during the day," said coach Dahiya. "Weight cutting is routine, normal for us but there was tension, a lot of tension due to what happened the other day (with Vinesh). We could not let slip another medal," said Dahiya. All the hard work came to a fruition when Aman won the bronze medal, beating Puerto Rico's Darian Cruz on Friday to become India's youngest ever Olympic medallist. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank">Brainbees Solutions (Firstcry) IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

Sparring, treadmill run, 5 sessions of Sauna: How Sehrawat lost 4.6 kg in 10 hours

'<keyword id="20653768" type="General" weightage="20" keywordseo="chefling" source="keywords">Chefling</keyword>', a unique do-it-yourself (DIY) kit that includes all the ingredients needed to make a tasty global recipe, has sealed a deal of Rs 40 lakh with four sharks on the business reality show '<keyword id="19913228" type="General" weightage="20" keywordseo="shark-tank-india" source="keywords">Shark Tank India</keyword>' season 3. Hailing from Mumbai, the 25-year-old <keyword id="20649763" type="General" weightage="20" keywordseo="rounit-gambhir" source="keywords">Rounit Gambhir</keyword>, founder of Chefling, introduced this innovative concept of, aiming to streamline the preparation of exotic cuisines. Seizing the opportunity during the lockdown, this young entrepreneur launched his product in Mumbai. Chefling seeks to offer individuals a personalised, cutting-edge gourmet experience that is not only enjoyable and delicious but also affordable. Rounit's vision is rooted in the desire to simplify the process of cooking fancy dishes for enthusiasts with time constraints. The types of DIY kits available are -- Japanese: Sushi and Mochi; Mexican: Enchilada and Taco; and Italian: Lasagna. Talking about his brand, Rounit said: "The company was started in August 2020, and we have sold more than 5,000 kits pan India till date. The kits are available on our own website." "The Indian DIY meal kit market size by the year 2025 will reach around Rs 8,000 crore, and we want the global cuisines to reach every household in India, and Indian cuisines to reach worldwide, so that their experience is economical, easy and sustainable," shared Rounit. He then made a pitch of Rs 40 lakh for 10 per cent equity. Anupam Mittal, the founder and CEO of Shaadi.com said: "Sushi was very good. Thank you for feeding us. The young pitcher further talked about his entrepreneurial journey. Fueled by the determination to rise above his father's company losses and bankruptcy, Rounit harnessed this setback as an opportunity in a market where culinary experimentation is a universal desire. Chefling emerged as the answer to the complexities faced by aspiring home chefs, making it a culinary haven that eliminates hassles and brings the joy of cooking straight to our homes. The compelling pitch and unique brand captured the attention of shark Namita Thapar, the executive director of Emcure Pharmaceuticals Ltd, who took on the challenge of crafting the perfect sushi roll on 'Shark Tank India 3'. And with that, 'Chefling' secured a deal with sharks Namita Thapar, Azhar Iqubal (Co-founder and CEO of Inshorts), Amit Jain (CEO and Co-founder of CarDekho Group), and <keyword id="20313422" type="General" weightage="20" keywordseo="peyush-bansal" source="keywords">Peyush Bansal</keyword> (Co-founder and CEO of Lenskart), at Rs 40 lakh for 16 per cent equity. Speaking about the experience on the show, Rounit shared: "Over the past three years, belief in connecting our unique idea with the right audience fueled our journey through highs and lows. This belief sustained us through challenges, leading to a pivotal moment when Shark Tank India expressed interest in featuring Chefling." 'Shark Tank India 3' is streaming on Sony LIV. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8-pro-review/articleshow/107726935.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8-pro-review/articleshow/107726935.cms" target="_blank">Pixel 8 Pro review: ‘Okay Google’ – The flagship smartphone ticks almost all boxes</a><a href="https://www.businessinsider.in/tech/mobile/news/poco-oneplus-top-indian-smartphone-shipment-growth-but-overall-reading-flat/articleshow/107681294.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/poco-oneplus-top-indian-smartphone-shipment-growth-but-overall-reading-flat/articleshow/107681294.cms" target="_blank">Poco, OnePlus top Indian smartphone shipment growth but overall reading flat</a><a href="https://www.businessinsider.in/business/auto/news/ola-electric-cuts-prices-of-scooters-to-compete-with-ice-two-wheelers/articleshow/107816897.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-cuts-prices-of-scooters-to-compete-with-ice-two-wheelers/articleshow/107816897.cms" target="_blank">Ola Electric cuts prices of scooters to compete with ICE two-wheelers</a>

A DIY cooking kit maker Chefling raises ₹40 lakhs from four 'sharks'

Leading US asset manager <keyword id="174755" type="General" weightage="70" keywordseo="vanguard" source="Orion">Vanguard</keyword> has further slashed its holding in ride-hailing major <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> by more than half, which takes the Bhavish Aggarwal-run company's valuation down to nearly $3.5 billion from $7.3 billion at the end of 2021. According to a TechCrunch report, citing Vanguard's filings, the investment firm has cut the worth of its shares in Ani Technologies, Ola's holding firm, by 51.6%. "The asset manager marked down the holding of its Ola shares to $25 million, from the $51.7 million purchase price years ago, the filings showed," according to the report. Vanguard had valued its Ola's shares at about $33.8 million in February this year. In May, Vanguard had slashed Ola's valuation by 35% amid global macroeconomic conditions, reducing its valuation to about $4.8 billion. Ola has raised more than $3.9 billion over the years, according to public data. IPO-bound Ola Electric has also recorded an operating loss of $136 million (roughly Rs 1,116 crore) and revenue of $335 million (roughly Rs 2,750 crore), missing its revenue goal disclosed publicly. The company reported sales of over 1,50,000 electric scooters for FY23, according to a Reuters report. In the first two months of FY23, Ola Electric claimed to have surpassed Rs 500 crore in revenue and was on track to surpass $1 billion by year's end. In January, Ola laid off 200 employees from its <keyword id="6362049" type="General" weightage="80" keywordseo="ola-cabs" source="Orion">Ola Cabs</keyword>, Ola Electric and Ola Financial Services verticals as part of the "restructuring" exercise. Ola joins a growing list of Indian unicorns who have significantly lost their valuations. Invesco lowered Swiggy's valuation by almost half to $5.5 billion in earlier this year while leading US investment firm Fidelity reportedly slashed the estimated worth of its holding in homegrown conversational engagement platform Gupshup by over 20% in a month.

Ola's valuation slashed by more than half by Vanguard

The year 2023 began on a bad note for tech workers globally and 91 companies have laid off more than 24,000 tech employees in the first 15 days this month, signalling worse days ahead. About 24,151 tech workers lost their jobs, dominated by companies like Amazon, Salesforce, <keyword id="1972612" type="General" weightage="80" keywordseo="coinbase" source="Orion">Coinbase</keyword> and others, according to layoff tracking website Layoffs.fyi.Crypto lending exchange Crypto.com last week announced that the company will reduce its global workforce by approximately 20 per cent amid ongoing economic headwinds and unforeseeable industry events. In India, companies like <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword> (which fired 200 employees), voice automated startup Skit.ai, dominated the headlines in January.In December last year, over 17,000 tech employees were shown the door. According to the website which has been tracking job losses since the start of the pandemic, 153,110 workers were let go in 2022, led by companies like <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword>, Twitter, <keyword id="43340" type="General" weightage="80" keywordseo="oracle" source="Orion">Oracle</keyword>, <keyword id="113675" type="General" weightage="80" keywordseo="nvidia" source="Orion">Nvidia</keyword>, Snap, Uber, Spotify, Intel and Salesforce, among others. The number of layoffs reached its nadir in November, which saw 51,489 tech workers lose their jobs. Google is another Big Tech company expected to take harsh steps to reduce its headcount in early 2023. Approximately 6 per cent of Google employees could be sacked over "not having enough impact", according to a report by The Information. Google layoffs in 2023 could see as many as 11,000 employees lose their jobs. It means that 2023 is going to become the worst year in the history of the tech world. All eyes are now on the Big Tech quarterly results that will come out at the end of this month. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/what-is-prime-lite-membership-and-what-are-benefits-of-this-membership/articleshow/97020543.cms">Amazon tests Prime Lite membership in India, a cheaper alternative to Prime — here’s how it's different</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/viacom18-wins-womens-ipl-media-rights-for-951-crore-for-2023-27/articleshow/97023787.cms">Viacom18 wins Women's IPL media rights for 951 crore for 2023-27</a>

91 tech companies lay off over 24,000 employees in Jan to date

<ul><li>Hero Electric, <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> and Okinawa have reported a substantial decrease in sales in May 2022.</li><li>Hero Electric has reported the highest decrease in sales in May.</li><li><keyword id="2622647" type="General" weightage="80" keywordseo="ather" source="Orion">Ather</keyword> on the other hand has reported a 26% increase in sales.</li></ul><keyword id="433124" type="General" weightage="20" keywordseo="electric-scooter" source="Orion">Electric scooter</keyword>s have become extremely popular over the years in India, but the recent incidents have finally put brakes on the industry. The past few months have been disastrous for the electric scooter segment as there have been several incidents, such as <a href="https://www.businessinsider.in/business/auto/news/electric-scooter-fire-accident-claims-another-mans-life-leaves-his-wife-and-two-daughters-with-severe-burns/articleshow/91063992.cms">scooters catching fire</a>, <a href="https://www.businessinsider.in/business/auto/news/in-yet-another-attack-on-olas-quality-control-a-user-has-alleged-that-his-ola-s1-pros-front-suspension-broke-while-driving/articleshow/91808641.cms">quality control issues</a> and more. While rising <a href="https://www.businessinsider.in/india/news/andhra-pradesh-telangana-maharashtra-and-these-states-are-currently-charging-up-to-15-more-than-other-states/articleshow/91744626.cms">petrol prices</a> have been pushing more and more people to shift to an electric scooter, the recent incidents have had an adverse effect on sales, with Ola and Hero Electric reporting a decline of up to 50% in May. <cmsannotation type="cmsannotation" annotationid="Sale of electric scooters in May 2022" comment="subhead" text="Sale of electric scooters in May 2022">Sale of electric scooters in May 2022</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">April </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">May </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Ola Electric </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">12,702 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">8,681 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-4,021 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-31.66% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Hero Electric </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6,578 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2,739 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3,839 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-58.36% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Okinawa </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">11,011 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">8,888 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-2,123 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-19.28% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Ather </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2,450 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">3,098 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">648 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">26.45% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Ampere </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6,540 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">5,529 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-1,011 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-15.46% </td></tr></tbody></table>Source: VAHAN <cmsannotation type="cmsannotation" annotationid="Hero Electric reports the biggest decline" comment="subhead" text="Hero Electric reports the biggest decline">Hero Electric reports the biggest decline</cmsannotation> Hero Electric reported a huge decline in sales in May. The sales of Hero Electric have come down from 6,578 units in April to 2,739 in May, a decrease of over 58% month-on-month. <cmsannotation type="cmsannotation" annotationid="Ola has lost nearly a third of its sales" comment="subhead" text="Ola has lost nearly a third of its sales">Ola has lost nearly a third of its sales</cmsannotation> Ola Electric has reported a decline of over 30% in May. The company sold 8,681 scooters in May, compared to sales of 12,702 in April. While the company has reported a huge decline, it still dominates the electric scooter segment. <cmsannotation type="cmsannotation" annotationid="Sales of Okinawa and Ampere also decline" comment="subhead" text="Sales of Okinawa and Ampere also decline">Sales of Okinawa and Ampere also decline</cmsannotation> Okinawa and Ampere have also reported a decline in May. While Okinawa has reported a decline of 19.28%, Ampere has reported a decline of 15.46% in May. <cmsannotation type="cmsannotation" annotationid="Ola and Hero’s loss is Ather’s gain" comment="subhead" text="Ola and Hero’s loss is Ather’s gain">Ola and Hero’s loss is Ather’s gain</cmsannotation> At a time when other companies have reported a decline, Ather has reported a substantial increase in sales. The sales of Ather scooters have increased from 2,450 in April to 3,098 in May, a 26.45% increase. While there have been no incidents involving Ather so far, a fire was <a href="https://twitter.com/atherenergy/status/1530522336176222208">reported</a> at the company’s Chennai centre. The company has claimed that the incident is “extremely rare” and is unlikely to occur again. The government is currently <a href="https://www.businessinsider.in/business/auto/news/government-admits-it-made-a-mistake-asks-ev-industry-to-ensure-product-quality-of-vehicles/articleshow/91682746.cms">investigating</a> the cause of electric fires in the scooters and is expected to announce a new policy to ensure a better quality of batteries and scooters. SEE ALSO: <a href="https://www.businessinsider.in/india/news/andhra-pradesh-telangana-maharashtra-and-these-states-are-currently-charging-up-to-15-more-than-other-states/articleshow/91744626.cms">These states in India are paying up to ₹15 extra on petrol compared to other states</a> <a href="https://www.businessinsider.in/business/auto/news/ambassador-maker-hindustan-motors-looking-to-make-a-comeback-with-electric-vehicles/articleshow/91789649.cms">Ambassador era relic Hindustan Motors looking to make a comeback with electric vehicles</a> <a href="https://www.businessinsider.in/business/auto/news/ather-450x-tvs-iqube-st-ola-s1-pro-and-other-electric-scooters-to-buy-in-india-in-2022/slidelist/91741854.cms">Ather 450X, TVS iQube ST, Ola S1 Pro and other electric scooters to buy in India in 2022</a>

You Searched For "ola loss" and got 9 results

Why has Bernstein called India’s EV sector 'irrelevant'?

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Ola Electric Mobility losses widen to ₹347 crore in Apr-Jun quarter

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Shares of Ola Electric have tapered down from their record-highs. Is this a good time to buy in?

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Ola's valuation slashed by more than half by Vanguard

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91 tech companies lay off over 24,000 employees in Jan to date

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Ola, Okinawa and Hero Electric sales crater in May after a spate of fire and other incidents

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