The Bengaluru-based company registered 18,527 units in June, nearly flat compared to 18,541 units in May. Its market share inched up to 19.6% but remained below the 20% threshold for the second month in a row, showed data from the government-run Vahan portal.
In contrast, TVS Motor and Bajaj Auto commanded 25.4% and 22.8% of the market in June, respectively.
Overall, the electric two-wheeler segment saw a marginal decline in volumes, with 94,299 units registered in June, down from 96,858 units in May, amid a broader dip in demand.
Newly listed Ather Energy gained modest ground, increasing its market share from 13.4% to 14.4%, with 13,617 units sold in June, up from 13,019 the previous month. The company had also announced plans recently to nearly double its retail presence, aiming to expand to 700 experience centres across India by the end of FY26.
In May, Ola Electric’s board approved plans to raise up to Rs 1,700 crore through non-convertible debentures and other debt instruments, its first fundraising move since its initial public offering (IPO) in August 2024. The funds are expected to support ongoing operations and strengthen its balance sheet.
Shares of Ola Electric were trading at Rs 43.2 on the BSE as of 1:00 PM on Monday.
Over the past several months, the Bhavish Aggarwal-led company has come under scrutiny over discrepancies in reported sales data, quality-related concerns, and the absence of valid trade certificates at several retail outlets.
The company’s financial performance also deteriorated in the March quarter, with its net loss widening to Rs 870 crore from Rs 416 crore in the same period last year. Operating revenue fell 61.8% year-on-year to Rs 611 crore, down from Rs 1,598 crore, primarily due to a sharp decline in electric scooter sales.
However, during its March quarter earnings call, Aggarwal said the company expects revenues of Rs 800–850 crore in the first quarter of the current fiscal year, with gross margins in the range of 28–30%.
Despite these headwinds, Ola Electric continues to focus on expanding its product portfolio. On May 23, the company began deliveries of its Roadster X electric motorcycle.
