📉 Inside Ola Electric’s troubling financials

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30 May 2025 View in Browser

Hello,   Razorpay is officially home.    The digital payments unicorn, ahead of its IPO, has shifted its domicile back to India, merging its US-registered parent with its Indian subsidiary, Razorpay Software India Pvt Ltd.    Media reports suggest the payments processor—last valued at $7.5 billion—will reportedly pay about Rs 1,245 crore (around $150 million) in taxes to the Indian government as part of its reverse flip process.    Some good news for Android fans in India, as Google opens direct sales on its online Google Store, making Pixel phones, watches, and earbuds available for purchase.   Meanwhile, for Apple enthusiasts, the company is changing how it names its operating systems. According to Bloomberg, the update after the current iOS 18 will be iOS 26—named by year—paving the way for a less confusing, more consistent branding among Apple products.     Now, Bharat Ke Innovators—we see you, and we have heard you!   The heart of Indian entrepreneurship is in the Tier II and III towns and rural Bharat, and at YourStory, we believe every innovation—small or big and from any corner of the Indian subcontinent—has a significant contribution to the Bharat story.    This Saturday, tune in for YourStory and The Bharat Project’s fresh edition of Bharat Ke Innovators – Live!   Hosted by Shradha Sharma, the session will feature founders building for Bharat across healthtech, agritech, deeptech, and climate. Expect live pitches, interactive Q&As, and ground-up stories shaping India’s startup future beyond the metros.   Join us, won’t you?   In today’s newsletter, we will talk about  Ola Electric’s ballooning losses Macramé, mindfulness, and wellness Bridging tech gap for small hotels Here’s your trivia for today: How many different spices are used to make a garam masala mix?

Electric vehicles Ola Electric’s ballooning losses Ola Electric reported widening losses for the three months ended March 31, as steps taken to curb ballooning expenses at the electric vehicle manufacturer refused to take pressure off the company’s bottom line.     The company reported a quarterly loss of Rs 870 crore compared with Rs 416 crore in the year-ago period. Revenue from operations fell 62% YoY to Rs 611 crore in Q4.    Key takeaways: During Q4 FY25, the company resorted to laying off around 1,000 employees—its second round of layoffs—after it let go of 500 employees in November last year, as well as shutting down all its regional warehouses.  Ola Electric, which used to be the biggest electric two-wheeler manufacturer, has seen its market share slip over the past few months, falling behind legacy players like Bajaj Auto and TVS Motor. According to Vahan data, the company sold 16,703 units of its electric two-wheelers in May. It is now eyeing an adjusted revenue of between Rs 800-850 crore as it looks to deliver 65,000 units of its scooters and motorcycles to the market. For context, the company delivered 51,375 units in Q4. Know More

Funding Alert Snitch: Rs 279 Cr | Series B Snabbit: $19M | Series A Cleevo: $1M | Seed

Women entrepreneurs Macramé, mindfulness, and wellness Founded by textile designer Agrima Wadhwa and psychologist Sakshi Singh, Squareknot is redefining slow living through handcrafted macramé. It has over 125,000 followers on Instagram, sells globally, and has conducted 600+ workshops to date.   For Agrima, this is part of a larger mission: “We are trying to build a community where people interact and sometimes find others who are going through something similar—it helps them open up.”   Craft to community: When attending one of the macramé workshops in 2023, Sakshi realised that it was more than a craft—it's therapy. “I noticed a shift in people’s mood pre-workshop and post-workshop. It is amusing that just doing an activity together could bring out such change in people, because macramé is such a repetitive process.” At the time, Sakshi was working with a professional psychologist and brought with her a therapeutic angle to the workshops. Soon, she teamed up with Agrima, and the duo began hosting sessions in Delhi cafes.  Squareknot employs a team of 4-5 women who keep the day-to-day running, while an extended group of 20 artisans and collaborators join in for large projects. The brand has rolled out over 70 collections and collaborated with Google USA, Fabindia, Pinterest, and KNMA Museum. Know More

Startup Bridging tech gap for small hotels With an initial investment of Rs 1 lakh, Pravat Panda and Sandhya Panda launched Retrod in 2021. The B2B startup’s primary focus is to digitise and streamline operations of mid- and low-segment hotels in the country.   Think big: Retrod’s primary product is a SaaS-based Property Management System (PMS) that provides full-stack solutions to all operations. It was launched two months ago. Panda says the startup has so far acquired over Rs 4.5 crore in bookings and has captured data for over 70,000 guests. It has amassed about 1,500 clients across the country. Retrod charges an annual base fee of Rs 40,000 to Rs 1.5 lakh for low- and mid-segment hotels. A majority of its clientele are in Odisha, with Chhattisgarh, Himachal Pradesh, and Jharkhand following suit. Know More

From the CapTable From disrupting to departing: Why Unacademy’s founders are stepping away At a buzzing Unacademy centre in Kota, Rajasthan, anxious teenagers flip through notes under sterile fluorescent lights. Rows of desks, chalk dust in the air, and a star faculty member taking centre stage—it’s a scene straight out of India’s time-tested coaching culture. But for those who tracked Unacademy’s early journey, it’s a jarring image.   This was the company that once promised to make coaching centres irrelevant.    Going offline was a pivot Gaurav Munjal, CEO and co-founder of the company, never truly bought into. By mid-2023, insiders say, he began losing interest. Offline had become a significant revenue driver, but for a founder who had built a tech-first platform, the offline shift felt like a departure from purpose rather than an evolution.   In 2025, a leadership transition is now underway. Munjal and co-founder Roman Saini are stepping away from day-to-day operations, ceding the reins to a professional CEO. This isn’t a dramatic exit, but a gradual, quiet retreat.   Key Takeaways: Unacademy’s founders are quietly stepping back as their once-disruptive startup searches for a future beyond shrinking online revenues and costly offline pivots. Airlearn, a new language-learning app built by outgoing CEO Gaurav Munjal is gaining traction—and could soon be spun out as the company’s breakout bet. Despite Rs 1,200 crore in the bank, Unacademy faces a strategic void: no buyer, no clear growth engine, and a fading core business. The startup that tried to kill coaching centres now runs 50+ of them—but the question remains: is that the business it wants to be in? Continue Reading

Bharat ke Innovators

Planys Technologies transforms underwater asset inspection Chennai-based Planys Technologies is redefining how the world inspects and maintains critical underwater infrastructure. It collects critical data, processes it using advanced algorithms, and presents actionable insights. Know More     Quant Solar's renewable energy innovation holds promise Quant Solar has pioneered floating solar energy solutions, addressing India's land and water challenges. It has successfully deployed 200+ MWp of floating solar platforms across 24+ projects nationwide. Know More

News & Updates

Forecast: International Data Corp slashed its 2025 global smartphone shipment growth forecast to 0.6% from 2.6%, citing tariff-driven economic uncertainty and a pullback in consumer spending. The downgrade signals challenges for manufacturers like Apple, who already face weakening sales amid escalating geopolitical tensions and tariff disputes. Deal: Nearly two years after suing OpenAI and Microsoft for copyright infringement, The New York Times has agreed to license its editorial content to Amazon to train the tech giant’s AI platforms. The agreement will “bring Times editorial content to a variety of Amazon customer experiences,” the outlet said.

Here's what else we have for you

HER Leadership at AWS ExecLeaders Summit 2025: An equitable future through technology In association with Amazon Web Services   At HER Leadership at AWS ExecLeaders Summit 2025, hear from women leaders and allies who are breaking silos, reshaping culture, and transforming tech — one bold decision at a time. From fireside chats on AI strategy and inclusive design, to panels on breaking bias and building agile teams, this is where conversations will become catalysts. Know More PhonePe's Guardrails: How PhonePe is reinventing payment security In association with PhonePe   Payment fraud is evolving. So is PhonePe. Here’s how the fintech payments giant is fighting digital threats while processing 33+ crore daily transactions. A must-read for anyone in fintech, security, or digital trust. Know More

Did you know?

How many different spices are used to make a garam masala mix? Answer: Around 10. Common ingredients include black peppercorns, cumin, coriander, cinnamon, cloves, cardamom (green and black), mace, nutmeg, and bay leaves.

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