India’s top electric two-wheeler maker Ola Electric Mobility reported a wider quarterly loss on Thursday, hurt by falling sales and steep discounts it offered to beat growing competition.

The firm posted a loss of Rs. 870 crore ($101.8 million) in the quarter ended March 31, compared with a loss of Rs. 416 crore a year earlier.

Since going public in August 2024, Ola has struggled with slowing sales, regulatory pressure and competition from established two-wheeler makers.

Ola Electric remains the leading electric two-wheeler brand in India by volume, though its advantage over traditional players like Bajaj Auto and TVS Motor has shrunk in recent months, as both have introduced competitively-priced models.

The company has yet to turn a profit.

Its revenue from operations declined 61.8 percent to Rs. 611 crore for the March quarter while total expenses fell 31.6 percent to Rs. 130.6 crore.

Analysts said that Ola’s average revenue per unit sold declined due to discounts and higher sales of lower-priced vehicles.

Ola’s vehicle registrations fell more than 52 percent year-on-year to 56,760 units in the quarter. Its entry-level models made up 69.3 percent of volumes, higher than 43.1 percent a year before.

The company said it is exploring a debt raise of up to Rs. 1700 crore to refinance existing debt repayment obligations.

Its shares closed up 0.6 percent ahead of the results.

Smaller rival Ather Energy posted a narrower quarterly loss on strong demand for its family scooter.

© Thomson Reuters 2025

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