Ola Electric’s Feb Registrations To Hit A Speed Bump
Hardly a day goes by when Ola Electric resists making headlines. Now, the company, in an exchange filing, has mentioned that its registration data on the VAHAN portal for February will be “temporarily impacted” as it is renegotiating terms of agreements with agencies Rosmerta Digital Services and Shimnit India.
Rosmerta offers digital services and distribution for vehicle registrations and Shimnit manufactures high-security registration plates.
While the company acknowledged the impact of these discussions on its registration numbers, it insisted that sales remain strong in February. However, it is pertinent to highlight that the company has been facing stiff competition from the likes of Bajaj Auto and TVS.
A Jefferies report on the Indian EV market highlights that Ola Electric has been losing steam, and its disappointing Q3 FY25 numbers prove the point.
The EV makers’ consolidated net loss widened 50% YoY to INR 564 Cr due to rising competition. Net loss rose 14% sequentially from INR 495 Cr amid a decline in EV sales.
As a result, the company’s stock has been spiralling, giving jitters to its investors and touching new lows ever since the announcement of its results. Besides this, Ola Electric is also bogged down in a regulatory quagmire due to the complaints enveloping its shoddy after-sales.
Nevertheless, Aggarwal anticipates sales to touch 50,000 monthly units in the next few quarters. While we will be keeping a close watch on these claims, here’s how contract renegotiations are impacting Ola Electric’s EV registrations for February. Continue reading…
From The Editor’s Desk
IN-SPACe Floats A New Fund: The Technology Adoption Fund has been launched to support spacetech startups and enable them to build commercially viable products. It will offer financial support of up to 60% of the project cost to startups and MSMEs and 40% to larger industries.
Life After BYJU’S: The fall of the $22 Bn behemoth took its toll on the fortunes of several startups that had looked to flourish aboard the BYJU’S ship — think WhiteHat Jr and EPIC. Despite BYJU’S downfall, two acquisitions, Aakash and Great Learning, survived to see another day and made significant progress.
Inside Shiprocket’s Growth Engine: Shiprocket has come a long way since 2017. Along the way, it has also crossed INR 1,300 Cr in revenue and is now eyeing to become profitable this fiscal. But, it is the company’s asset-light model that has helped the company flourish this far.
Sarvam AI’s Foundational Model Bid: Bengaluru-based GenAI startup Sarvam AI is planning to submit a proposal to the IndiaAI Mission to build a foundational generative AI model. This is after the Chinese AI model DeepSeek gained popularity worldwide recently.
EVs In Rural India: The rural adoption of EVs has suffered due to a lack of an affordable range of vehicles, a woefully inadequate charging infra, and inconsistent government policies. For EVs to truly take off in rural India, the focus must shift from urban-centric incentives to holistic ecosystem development.
Brands Leading Smart Home Revolution: The rapid adoption of AI and IoT is transforming every aspect of our lives – from the way we work to how we worship and from how we cook to the way we study. Let’s look deeper into smart home appliance D2C brands leading India’s smart home revolution.
Credit Fair Raises $5 Mn In Debt: The NBFC has secured the debt from Symbiotics Investments to expand its presence in the rooftop solar financing space. The 2018-founded climate-focussed NBFC specialises in financing solar installations for both individuals and MSMEs.
Awfis Lands In A Soup: The GST department has asked HDFC Bank and ICICI Bank to provisionally attach the operative bank accounts of the coworking space provider over claiming an excess input tax credit of INR 4.42 Cr.
Inc42 Startup Spotlight
How This Ex-Navi Executive Is Helping NBFCs Reduce Their NPAs
NBFCs, small finance banks and other BFSI entities often grapple with the issue of non-performing or bad loans. Looking to address the problem of credit underwriting, ex-Navi executive Nagachethan S M and ConcertAI’s senior engineer, Byomkesh Jha founded Navanc in 2022.
The startup offers an AI-powered asset creditworthiness platform. It provides AI-driven tools that help NBFCs, small finance banks, and BFSI entities determine the creditworthiness of applicants.
The Bengaluru-based startup’s flagship product evaluates and assigns credit scores based on advanced algorithmic learning. Meanwhile, Navanc Lite helps users get instant valuation estimates of properties through real-time property assessments.
The B2B startup is backed by the likes of Parambh Ventures, Inflection Point Ventures and Brigade REAP FirstPort Capital.
Moving forward, it plans to utilise the fresh capital to fuel expansion in urban and semi-urban India, as well as bolster its AI-led fintech capabilities by incorporating GenAI and computer vision models.
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