Ola Cabs Rebrands as Ola Consumer, Aims to Transform Digital Commerce in India

Ola Electric Mobility's shares experienced a significant surge, climbing over 20% on the National Stock Exchange, reaching a day-high of Rs 133.08. This marks an all-time high for the company, which has seen its stock price rise since August 16, 2024. The company’s electric vehicle models are priced between Rs 74,999 and Rs 2.49 lakh (ex-showroom), reflecting its competitive positioning in the EV market. At the 'Sankalp 2024' event, Ola Electric's Chairman and CEO, Bhavish Aggarwal, introduced the 'Bharat' battery cell, an indigenous 4680 cell developed by the company. Aggarwal emphasized the innovation, stating, "We didn't import the tech, we built it ourselves," and highlighted his ownership of over 70 related patents. The Bharat cell boasts five times the energy density of the current 2170 cells used in Ola scooters, promising faster charging times and enhanced user convenience. Despite the positive developments, Ola Electric reported a net loss of Rs 347 crore for Q1 FY25, up from Rs 267 crore the previous year. This increase is attributed to rising finance costs and overall expenses, although revenue grew by 32.3% year-over-year, reaching Rs 1,644 crore. The company's EBITDA also saw a decline, reflecting ongoing financial challenges. In addition to its EV initiatives, Ola is rebranding its ride-hailing service to Ola Consumer, aiming to transform digital commerce in India. The company has launched the Ola Loyalty Program to reward users and is collaborating with the Open Network for Digital Commerce (ONDC) to expand its offerings, including a successful food and grocery pilot in Bengaluru.