Ola Electric: New Finance Chief Takes the Wheel

Deepak Rastogi takes the helm as Chief Financial Officer (CFO) of Ola Electric, effective January 20. He joins from Puravankara, where he served as the Group CFO. His appointment follows the departure of Harish Abichandani, who led Ola Electric's finances since late 2023.

A Mixed Legacy Under Abichandani

During Abichandani's tenure, Ola Electric made headlines with its 2024 IPO, but the company has since faced declining sales and lowered revenue expectations for FY 2026, announced in November.

Market Competition Intensifies

Once the dominant player in India's e-scooter market with over 50% market share, Ola now faces stiff competition from Bajaj Auto and TVS Motor, which have expanded their reach and offered competitive pricing.

Rastogi's Challenge Ahead

With market share slipping and financial pressures mounting, Rastogi will need to implement strategic financial maneuvers to revive Ola Electric's growth and regain its leadership position.