Ola Electric In 2025, Jio’s Mega IPO & More

Taking Stock Of Ola Electric

The year so far has been nothing short of catastrophic for Ola Electric. The EV maker was dragged down by a toxic cocktail of regulatory setbacksoperational breakdowns, shrinking market share and reputational damage.

The Service Disaster: The core of Ola Electric’s 2025 struggle was the failure to match its hyper-scaled sales with adequate after-sales support, triggering regulatory scrutiny, tanking stock price and a near-collapse of consumer trust. This forced Ola to lower its FY26 sales (40%)and revenue (30%) guidance significantly. Once the market leader, Ola Electric’s share has now shrunk to 7%positioning it fifth in the E2W race.

The Battery Roadblocks: The company’s ambitious EV battery plans also faced delays, with frequent capacity target revisions and allegations of IP theft from an ex-LG Energy employee. The battery vertical, once envisioned as a long-term moat, exposed operational overstretch and added to the company’s woes.

A Sudden Shift In Focus: Meanwhile, in an unexpected move, the company launched Ola Shakti, a residential energy storage system, to hit INR 100 Cr in revenue by Q4 FY26 and INR 1,200 Cr by FY27. However, scepticism remains about the feasibility of the plan, given the dominance of entrenched players and the company’s reputation.

Can Ola Electric Stage A Comeback? Yet some bright spots exist – the EV maker’s Gen 3 platform promises higher efficiency and reduced warranty costs. Simultaneously, in-house battery integration and rare-earth-free motors should strengthen unit economics and reduce dependency on imported components.

With these technical wins, the EV major aims to overcome eroded trust and execution lapses. But can Ola Electric turn the tide in 2026? Let’s find out…

From The Editor’s Desk

Reliance Jio’s Mega IPO

• Reliance Industries has begun preparing the DRHP for Jio Infocomm’s IPO, which could value the telecom giant at around $170 Bn (INR 15.27 Lakh Cr). This will make it the largest public offering in India’s history.
• The IPO filing is expected after SEBI implements new rules, which reduce the minimum dilution to 2.5% for companies with a post-issue market cap above INR 50,000 Cr. This will allow Jio to raise about $4.3 Bn (INR 38,600 Cr).​
• Earlier this year, Mukesh Ambani indicated that Jio would list on the bourses in the first half of 2026.

Ultraviolette’s High-Voltage Fundraise

• The electric bike maker has raised an additional $45 Mn (INR 400 Cr) in its ongoing Series E round to fuel its push beyond India and accelerate production of its current models.
• Founded in 2016, the Bengaluru-based startup manufactures ‘high-performance and premium’ electric motorcycles. The company plans to scale to 100 Indian cities by March 2026, while simultaneously ramping up its distribution in Europe.
• Despite significant revenue growth of 114% YoY to INR 32.3 Cr in FY25, Ultraviolette’s net losses widened 89% YoY to INR 116.3 Cr, reflecting the capital-intensive nature of scaling premium EV production.​

OpenAI, TCS Look To Power AI Revolution

• The AI giant is in advanced talks with Tata Consultancy Services (TCS) to build AI compute infrastructure in India and co-develop agentic AI solutions for enterprises.
• TCS is finalising the partnership structure and commercial terms with OpenAI’s leadership in the US, planning to lease at least 500 MW of data centre capacity from HyperVault, its new subsidiary dedicated to AI infrastructure.​
• This follows OpenAI rapidly scaling up its India play, including scrapping the subscription fee for its low-cost ChatGPT Go plan for one year and unveiling an office in the country.

Nexus Wraps Up $700 Mn Fund

• The VC firm has closed its eighth fund at $700 Mn to back early stage startups in India and the US. The new fund will focus on sectors like AI, enterprise tech, consumer services, and fintech.​
• Nexus manages $3.2 Bn across its eight funds, and has so far backed over 130 startups like Delhivery, Eternal, MapmyIndia and Unicommerce, showcasing its ability to identify and nurture high-potential ventures.​
• Nexus Venture Partners’ strategy aligns with the growing trend of VC and PE firms launching dedicated funds for India’s AI and the broader SaaS sector, reflecting the sector’s rising importance and investor confidence.​

Meesho & Aequs IPOs On Day 2

• The ecommerce major’s public issue ended the second day on a high note. The IPO was oversubscribed 7.97X, receiving bids for 221.6 Cr shares against 27.8 Cr shares on offer.
• Meanwhile, the contract manufacturing company’s IPO closed the second day of bidding with an oversubscription of 11.10Xwith investors placing bids for 46.66 Cr shares against 4.2 Cr shares on offer.
• While Meesho’s IPO comprises an INR 5,421 Cr fresh issue and an OFS of 10.6 Cr shares, the Aequs issue includes a fresh issue worth up to INR 670 Cr and an OFS of 2.03 Cr shares.

upGrad’s FY25 Show

• The edtech major slashed its net loss by over 51% YoY to INR 273.7 Cr in FY25, driven by cost-cutting measures alongside a modest 6% YoY rise in operating revenue to INR 1,569.3 Cr.​
• These disciplined cost controls, combined with revenue growth and strategic market moves, have set the stage for upGrad to aim for profitability and scale as it eyes future IPO prospects.​
• Founded in 2015, upGrad claims to be India’s biggest higher education platform, offering programmes in AI, data science, software development, and digital marketing. It is backed by over $766 Mn in funding from investors like IFC and 360 ONE Asset.

Inc42 Markets

Inc42 Startup Spotlight

Can 0xPPL Fix Crypto Discovery Problem?

Crypto participation continues to surge, yet users still struggle to track and understand on-chain activity. Juggling exchanges, Telegram groups, and social feeds makes it hard to get a unified view of what’s happening in the crypto world. 0xPPL’s social platform is trying to solve this problem.

Social Media For Cryptos: Founded in 2023, 0xPPL is building a social platform where on-chain actions become the content. Its feed shows real-time crypto activity – token buys, NFT mints, P&L changes, and staking rewards – pulled from major chains like Ethereum, Solana, and Bitcoin.

An All-In-One Platform: 0xPPL positions itself as a single source of truth for on-chain discovery. The platform combines real-time blockchain data, user behaviour, and social context in one interface – something existing crypto tools do not offer collectively. With over 580 Mn global crypto users and growing transaction volumes, social-led crypto discovery remains largely untapped.

Backed by Alliance and Peak XV, 0xPPL is eyeing a piece of this market, which is estimated to reach $471 Bn by 2034. As blockchain activity scales, can 0xPPL become the go-to layer for meaningful social learning for crypto users?

Infographic Of The Day

From Amitabh Bachchan to Alia Bhatt, celebrity involvement in Indian startups went far beyond endorsements in 2025. Here’s a look at the stars that bet big on startups this year…