Ola Electric, once the leader of the electric two-wheeler (e2W) pack, slipped to fifth place in November as Hero Motocorp’s brand Vida overtook it in monthly sales.
The Bengaluru-based company led by Bhavish Aggarwal sold 8,254 scooters during the month, capturing 7.4% of the market, a steep decline from over 25% share in the same period last year, according to data from the government-run Vahan portal. The decline comes amid regulatory scrutiny, operational setbacks, and intensifying competition faced by the company.
Hero MotoCorp, now among the top four players in the e2W segment, sold 11,795 vehicles in November, and had 10.6% market share. The growth follows multiple product launches under its Vida range, primarily in the affordable segment.
Other legacy players also continue to consolidate their lead. TVS Motor retained the crown with 26.8% market share, followed by Bajaj Auto at 22.6%. The growth of TVS’s iQube and Bajaj’s Chetak models shows how incumbents are tightening their grip in the fast-growing e2W segment.
Ather Energy retained third place selling over 20,000 units, and had 18.7% of the market.
The shifting leader-board indicates a broader transition in India’s EV sector, where incumbents with established manufacturing scale, distribution networks, and supply chains are now overtaking early movers.
Ola’s performance is also reflected in its financials. For the second quarter of FY26, the company reported a 43% year-on-year (YoY) decline in operating revenue to Rs 690 crore. However, the company narrowed losses through cost optimisation.
Ather Energy, seen as Ola’s closest rival, is widening its lead. Industry executives attribute its growth to product quality, better after-sales service and reliability, and a dense charging infrastructure through its Ather Grid network. Ola, meanwhile, has faced complaints around product quality and service support, prompting customer dissatisfaction.
Ather reported operating revenues of Rs 899 crore in the second quarter of FY26, up 54% YoY, while its net loss narrowed 22% to Rs 157 crore.
Ather's asset-light, dealership-led retail strategy has also helped it manage costs more efficiently, compared to Ola’s network of more than 3,000 directly-managed stores.
The divergence between the two companies is also reflected in the public markets. Ather, which listed in May, now has a market capitalisation of Rs 24,348 crore, surpassing Ola Electric’s valuation of Rs 18,168 crore. Ola made its stock market debut in August 2024.
As competition intensifies, Ola Electric is looking to diversify its revenue streams. The company recently entered the battery energy storage systems (BESS) space with the launch of Ola Shakti, indicating its push beyond passenger mobility for a broader turnaround in its business.
The Bengaluru-based company led by Bhavish Aggarwal sold 8,254 scooters during the month, capturing 7.4% of the market, a steep decline from over 25% share in the same period last year, according to data from the government-run Vahan portal. The decline comes amid regulatory scrutiny, operational setbacks, and intensifying competition faced by the company.
Hero MotoCorp, now among the top four players in the e2W segment, sold 11,795 vehicles in November, and had 10.6% market share. The growth follows multiple product launches under its Vida range, primarily in the affordable segment.
Other legacy players also continue to consolidate their lead. TVS Motor retained the crown with 26.8% market share, followed by Bajaj Auto at 22.6%. The growth of TVS’s iQube and Bajaj’s Chetak models shows how incumbents are tightening their grip in the fast-growing e2W segment.
Ather Energy retained third place selling over 20,000 units, and had 18.7% of the market.
The shifting leader-board indicates a broader transition in India’s EV sector, where incumbents with established manufacturing scale, distribution networks, and supply chains are now overtaking early movers.
Ola’s performance is also reflected in its financials. For the second quarter of FY26, the company reported a 43% year-on-year (YoY) decline in operating revenue to Rs 690 crore. However, the company narrowed losses through cost optimisation.
Ather Energy, seen as Ola’s closest rival, is widening its lead. Industry executives attribute its growth to product quality, better after-sales service and reliability, and a dense charging infrastructure through its Ather Grid network. Ola, meanwhile, has faced complaints around product quality and service support, prompting customer dissatisfaction.
Ather reported operating revenues of Rs 899 crore in the second quarter of FY26, up 54% YoY, while its net loss narrowed 22% to Rs 157 crore.
Ather's asset-light, dealership-led retail strategy has also helped it manage costs more efficiently, compared to Ola’s network of more than 3,000 directly-managed stores.
The divergence between the two companies is also reflected in the public markets. Ather, which listed in May, now has a market capitalisation of Rs 24,348 crore, surpassing Ola Electric’s valuation of Rs 18,168 crore. Ola made its stock market debut in August 2024.
As competition intensifies, Ola Electric is looking to diversify its revenue streams. The company recently entered the battery energy storage systems (BESS) space with the launch of Ola Shakti, indicating its push beyond passenger mobility for a broader turnaround in its business.