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Ola Electric In 2024: Between Bhavish Aggarwal’s Dreams And The Ground Reality
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In-Depth
OLA ELECTRIC IN 2024: BETWEEN BHAVISH AGGARWAL’S DREAMS AND THE GROUND REALITY
19 Dec'24 | By Tapanjana Rudra
SUMMARY
We can categorise Ola Electric’s 2024 major events into broader buckets – the
public market debut, electric motorcycle launch, product portfolio expansion,
and escalated customer concerns.
Ola Electric’s listing was one of the most-awaited events of 2024. Given it
became the first Indian new-age EV startup to go public, it was hailed as a
landmark moment
While Ola’s meteoric rise captured the attention of stock market investors and
analysts alike, its journey this year has also been riddled with missteps –
customer complaints, fire incidents, and how CEO Bhavish Aggarwal handled these
negative incidents
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“Tesla is for the West; Ola is for the rest,” declared India’s much-celebrated
(often controversial) entrepreneur and the founder and CEO of Ola Electric,
Bhavish Aggarwal, this year. While Ola’s meteoric rise captured the attention of
stock market investors and analysts alike, its journey this year has also been
riddled with missteps – customer complaints, fire incidents, and how Aggarwal
handled these negative incidents.This is the story of a startup balancing the
promise of pioneering disruption and the reality of falling short—a year that
has left the country’s burgeoning EV ecosystem watching whether Ola can truly
deliver on its founder’s bold proclamation.In fact, requesting anonymity, an
industry veteran told Inc42 that it is now time for Aggarwal to go back to its
drawing board and re-evaluate the R&D that went into building its base product
rather than venturing into multiple other categories and trying to become
India’s Musk. Speaking to Inc42, Dr Allabaksh Naikodi, an industry veteran who
led EV verticals in companies like Royal Enfield and Mahindra, said that Ola
Electric missed a golden opportunity to establish itself as a credible EV brand
in the market even though it had every resource – funds, valuation, and
branding.Despite such underlying issues, the startup became public this year
with huge losses in its books. In fact, in a recent analysis of Ola Electric’s
future, we found out that the company’s future hinges on two crucial factors —
its ability to turn the narrative when it comes to poor servicing and to turn
profitable, which is linked to its EV sales volume.Meanwhile, its capex is large
as the expansion of its “state-of-the-art” gigafactory is in the process.
Recently, Aggarwal once again made a bold claim of expanding its distribution
network to 4,000 stores from existing 800 outlets in less than 20 days.“Failures
happen but we have to be able to build better products and solutions from those
experiences,” said Narang.
Aggarwal, who is also now dubbed as India’s own Elon Musk, took such jabs at
Tesla and Musk earlier as well, but this time, the statement encapsulated the
audacious vision of Ola Electric and its aggressive competitiveness against the
domestic rivals after it became a public company.
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