Ola Electric is India’s first homegrown company to build an integrated platform across both electric vehicles and the lithium-ion cells that power them - designing its own scooters, motorcycles, and batteries under one roof. It was founded in 2017 in Bengaluru and went public in August 2024, but its defining move was developing the 4680 Bharat Cell in-house and productionising it at its own Gigafactory, which unlocked commercially viable cell costs and a new generation of vehicles with sharply better quality and range. The recurring logic is vertical integration: the company makes its own cells, motors, electronics, and software, which lets it control costs, improve products faster, and feed the same cell platform into multiple demand engines - vehicles, external cell sales, and stationary energy storage. # Business segments Two engines at different stages - a consumer EV business that is approaching free cash flow, and a cell-and-storage platform still in investment phase - both built on the same in-house cell technology and manufacturing backbone. ## 1. Automotive: India’s largest electric two-wheeler business **A direct-to-consumer scooter and motorcycle brand with the biggest installed base in the category, running on a vertically integrated platform that now delivers roughly ₹50,000 gross margin per vehicle.** - **Makes nearly everything itself** - on the Gen 3 platform, in-house engineering value addition is almost 90% including its own 4680 cell, and about 65-66% without the cell, which means the company is not dependent on third-party powertrain suppliers for its core cost and performance levers. - **The Gen 3 platform reset quality and cost** - the shift from a supplier-procured hub motor to an in-house mid-drive motor cut the motor failure rate by 90%, while warranty costs dropped 70% versus the previous generation and peak power and range each rose 20%. - **Sells scooters and motorcycles across four price bands** - the portfolio spans mass scooters under ₹1 lakh, premium scooters over ₹1 lakh, mass motorcycles under ₹2 lakh, and premium motorcycles over ₹2 lakh, with the top-end Roadster X+ motorcycle using a 9.1 kWh Bharat Cell pack to deliver a certified range of over 500 km. - **Goes direct to the customer, not through dealers** - the company owns its stores, which numbered around 700 after a rationalisation drive, and carries only 3-4 days of free inventory in the network because customers order and pay in store before delivery. - **Service turnaround improved by 88%** - after a campaign to double company-owned service centres and deploy AI-powered remote diagnostics, average service time fell from about 9 days to nearly 1 day, and same-day closures reached about 87%. ## 2. Cell Technology and Energy Storage: one cell platform, three demand engines **A multi-chemistry cell manufacturing business that supplies its own vehicles, sells cells to outside customers, and powers stationary battery storage products - all from the same Gigafactory.** - **The 4680 Bharat Cell is the foundation** - an in-house developed cylindrical NMC lithium-ion cell with 275 Wh/kg energy density and 50% charge in 13 minutes, made using a dry-coating process that the company claims only one other player globally has commercialised, cutting capex by 33% and energy use in manufacturing by 40-60%. - **Captive vehicle demand anchors the factory** - around 15% of vehicle orders already use Bharat Cells, with a plan to shift the full portfolio to own cells by September 2026, creating a baseline captive consumption of 2-3 GWh annually that de-risks the Gigafactory’s ramp-up. - **External cell sales add a second revenue stream** - the company is in active conversations with Indian and global firms that want to buy its cells, turning the Gigafactory into a merchant supplier beyond its own vehicle needs. - **Energy storage turns cells into a third business** - the Shakti residential battery system, launched in October 2025, targets homes and B2B customers like telecom towers and retail chains as a replacement for diesel generators, while the larger Mahashakti grid-storage product is in development on a prismatic LFP platform for utilities and data centres. - **LFP cells open a cost-optimised path** - in April 2026 the company readied an in-house LFP cell in a larger 46100 format, and by June it became the first Indian company to receive BIS certification for a 46100 cell, with over 170 Wh/kg energy density and a development pathway to more than 4,000 charge-discharge cycles. # Digital and AI platform **An in-house technology stack that runs across manufacturing, sales, and service - not a separate business, but the operating system for everything the company does.** - **AI handles roughly 2 lakh connected calls a day** - AI agents are deployed for lead reactivation, multilingual test-ride scheduling, technician productivity tracking, and registration logistics, making the direct-to-consumer model work at scale without a traditional dealer workforce. - **A digital twin of the factory speeds up manufacturing changes** - built with NVIDIA Omniverse, the Ola Digital Twin Platform simulates production lines and robotic weld processes before physical changes are made, cutting time from design to commissioning by over 20%. - **MoveOS brings car-like features to two-wheelers** - the vehicle operating system already includes group navigation, smart charging, and an AI voice assistant in 11 Indian languages, with an in-house ADAS platform (collision warning, blind spot monitoring, adaptive cruise control) planned for early FY27. # Group structure and partners **A listed holding company with three key operating subsidiaries - vehicles, cells, and charging - and a separate capital-raising path planned for the cell entity.** - **Ola Electric Technologies (OET)** is the 100% subsidiary that develops and manufactures EVs, battery packs, motors, and frames, and runs the direct-to-consumer sales network - it is the entity that holds the PLI-Auto scheme sanctions and generated ₹4,510 crores of turnover in FY25. - **Ola Cell Technologies (OCT)** is the 100% subsidiary that operates the Gigafactory and holds the cell technology IP - the company plans to raise capital separately for this entity, with inbound interest from private equity players. - **Ola Electric Charging (OEC)** is the 100% subsidiary handling charging station manufacture and installation. - **Ola Financial Services**, a group entity, distributes vehicle loans and insurance, letting the company earn lending and commission margin without using its own balance sheet. - **NVIDIA** is the technology partner for the digital twin platform, providing Omniverse and Isaac Sim capabilities.