Electric two-wheeler maker Ola Electric Mobility reported a wider quarterly loss on Thursday, hurt by falling sales and steep discounts it offered to beat growing competition.
The firm posted a loss of Rs 8.7 billion ($101.8 million) in the quarter ended March 31, compared with a loss of Rs 4.16 billion a year earlier.
Since going public in August 2024, Ola has struggled with slowing sales, regulatory pressure and competition from established two-wheeler makers.
Ola Electric remains the leading electric two-wheeler brand in India by volume, though its advantage over traditional players like Bajaj Auto and TVS Motor has shrunk in recent months, as both have introduced competitively-priced models.
The company has yet to turn a profit.
Its revenue from operations declined 61.8% to Rs 6.11 billion for the March quarter while total expenses fell 31.6% to Rs 13.06 billion.
Analysts said that Ola's average revenue per unit sold declined due to discounts and higher sales of lower-priced vehicles.
Ola's vehicle registrations fell more than 52% year-on-year to 56,760 units in the quarter. Its entry-level models made up 69.3% of volumes, higher than 43.1% a year before.
The company said it is exploring a debt raise of up to Rs 17 billion to refinance existing debt repayment obligations.
Its shares closed up 0.6% ahead of the results.
Smaller rival Ather Energy posted a narrower quarterly loss on strong demand for its family scooter.