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Tag: Ola Electric

  • Ola Electric’s Stock May Trade Below Its Debut Price Of Rs 76, No Respite Seen | Economy News

    New Delhi: Facing a barrage of customer complaints amid poor after-sale service, Bhavish Aggarwal-run Ola Electric saw its stock plummet to a record low on Wednesday — below Rs 80 apiece in the morning trade — as market experts said the share may soon trade below its debut price of Rs 76.  

    At the end of the day, the stock closed marginally higher at Rs 81.76. During the session, the share touched Rs 79.15 on the lower side and Rs 83 on the higher side. The EV company’s stock has fallen about 48 per cent from its highest level of Rs 157.40.

    Ola Electric’s shares were listed in August. After listing, a sharp rally was seen in the Ola Electric and the counter made an all-time high of Rs 157.40. Jigar S Patel, Senior Manager- Technical Research Analyst, Anand Rathi Shares and Stock Brokers, said for Ola Electric, the support will be at Rs 76 and resistance at Rs 86. Market experts said that the strong support of Rs 86 has broken in Ola Electric and the next target is Rs 75 and the “trend in the counter continues to be negative”.

    The stock remains weak and selling is being seen at all levels. Due to the weakness, investors should stay away from this stock and invest in stocks with strong fundamentals, said market analysts. The reason for the fall in the shares of Ola Electric is the decline in sales and service-related problems.

    According to the government portal Vahan, Ola Electric sold 24,665 e-scooters in September. In August, this figure was 27,587. As per reports, Ola Electric’s flagship S1 series EV scooter has become a nightmare for hundreds of customers who are consistently facing issues like malfunctioning hardware and glitching software and spare parts are hard to come by, resulting in inordinate delays.

    Market analysts say that the share is showing extreme volatility due to challenges the company faces as well as rising competition and service-related issues.

  • CCPA Directs Ola To Allow Consumers Choice Of Refund Method | Auto News

    The Central Consumer Protection Authority (CCPA) has instructed Ola, to implement a consumer-friendly mechanism allowing customers to choose their preferred refund method. According to the Ministry of Consumer Affairs, Food and Public Distribution, consumers will now have the option to receive refunds either directly to their bank accounts or via coupons, a significant change from Ola’s previous policy.

    The directive, aimed at enhancing consumer rights and service transparency, was issued by CCPA’s Chief Commissioner Nidhi Khare. The CCPA’s intervention came after observations that Ola’s “no-questions-asked” refund policy was solely offering coupon codes for future rides without providing a clear choice to consumers.

    This practice was found to potentially infringe on consumer rights, as it could incentivize consumers to book additional rides rather than offering a direct monetary refund.

    The authority emphasized that a fair refund policy should not unduly push consumers to utilize services again but should instead empower them with a choice.

    Additionally, the CCPA took issue with Ola’s policy regarding invoices for auto rides. It was found that the app displayed a message stating, “Customer invoice for Auto rides will not be provided due to changes in Ola’s auto service T&Cs,” when customers attempted to access invoices.

    The CCPA deemed this practice as an “unfair trade practice” under the Consumer Protection Act, 2019, which mandates issuing a bill, receipt, or cash memo for services rendered.

    Following CCPA’s regulatory intervention, Ola has introduced several consumer-centric changes to its platform aimed at enhancing transparency and consumer trust.

    One significant change is the display of grievance officer and nodal officer details. The names, phone numbers, and email addresses of the grievance and nodal officers are now prominently listed in the support section of Ola’s website.

    Additionally, the permitted time for ride cancellation, as per Ola’s policy, is now displayed at the time of booking, with the cancellation fee clearly mentioned.

    Ola has also added a new acceptance screen for drivers showing both the pickup and drop-off locations to avoid confusion. To improve user experience, additional reasons for canceling rides have been provided to consumers. 

    Furthermore, details such as base fare, per-kilometer fare, and pre-wait charges are now publicly displayed, ensuring consumers have access to important fare information before booking a ride.

    In an effort to enhance driver experience, Ola has issued communications encouraging drivers to accept digital payments and switch on the air conditioning as needed. The company has also adjusted the payment cycles for drivers to ensure timely payments.

    The CCPA’s directive comes amid a significant number of complaints registered on the National Consumer Helpline (NCH). From January 1, 2024, to October 9, 2024, a total of 2,061 complaints were filed against Ola, covering issues such as higher fares charged than initially displayed at the time of booking, non-refund of amounts to customers, drivers requesting extra cash payments, and incorrect drop-off or pickup locations.

  • Ola Electric Share Tanks 4%, Trades Below Rs 100 For 1st Time | Economy News

    Mumbai: Shares of Ola Electric Mobility fell more than 4 per cent on Monday and slipped below the Rs 100 mark for the first time since its listing last month.

    During the intra-day trade, the Bhavish Aggarwal-run Ola Electric shares nosedived to Rs 97.84 apiece on the lower end and Rs 102.38 per share on the higher end.

    At 1:36 p.m., Ola Electric shares were at Rs 99.10, down 3 per cent. With this decline, the stock has now dropped about 36 per cent from its peak of Rs 157.4.

    Share of the electric two-wheeler maker has declined for ninth out of the last 11 trading sessions.

    This recent slump highlights a troubling trend for the company, which once experienced a significant surge following its IPO. Ola’s shares had gained over 107 per cent within two weeks from its listing before entering a consolidation phase.

    According to recent reports, “Ola Electric’s flagship S1 series EV scooter has become a nightmare for hundreds of customers who are consistently facing issues like malfunctioning hardware and glitching software and spare parts are hard to come by, resulting in inordinate delays.”

    Ola Electric is based on a direct-to-customer model. The company owns and operates all 500 plus experience centres and 430 service centres across the country.

    Last Friday, the company announced to double its company-owned service network to 1,000 centres by the end of year.

    According to Rajesh Sinha from financial services firm Bonanza, after its initial public offering (IPO), the stock of Ola Electric Mobility has shown volatility due to challenges the company faces as well as rising competition, concerns of a potential EV slowdown and service-related issues.

  • Over $172 Million In Funding Raised By 30 Indian Startups Last Week | Companies News

    New Delhi: The Indian startups continued to raise funds at a normal pace, and last week, as many as 30 startups secured over $172.71 million in the country. This included eight growth-stage deals and 16 early-stage deals, reports Entrackr.

    “As many as six early-stage startups did not disclose the amount raised,” the report mentioned. About 17 early and growth-stage startups collectively raised around $125.73 million in the week of March 25-30. Among the growth-stage deals, eight startups raised $130.1 million in funding last week. (Also Read: New Zealand Implements Immediate Work Visa Restrictions With New Rules; Check Out Key Changes)

    Ola Electric, led by Bhavish Agarwal, secured the highest amount of debt funding of $50 million. Hyperlocal marketing-to-commerce software platform SingleInterface, NBFC Infinity Fincorp, housing finance company Nivara Home Finance, payment gateway and point of sales provider Innoviti, and digital banking infrastructure firm M2P Fintech secured $30 million, $26 million, $10 million, $4.8 million, and $4.2 million in funding, respectively. (Also Read: Four Of Top 10 Valued Firms Add Rs 1.71 Lakh Cr To Mcap; HDFC Bank, LIC Lead Gainers)

    Moreover, 16 early-stage startups collectively secured $42.61 million in funding. D2C health and wellness brand Traya topped the list followed by full-stack retailer of used two-wheelers BeepKart, AI platform SiftHub, deep-tech startup Planys, and full-stack metal supply-chain platform Metalbook. City-wise, Bengaluru-based startups led with 11 funding deals followed by Mumbai, Delhi-NCR, Chennai, and Hyderabad.

  • IPO-Bound Ola Electric Gets Certification For 2nd e-scooter Under Govt's PLI Scheme

    The company’s Ola S1 Pro and Ola S1 Air are now eligible for subsidies under the government’s auto PLI scheme for five years from the date of certification,  as per sources.