Bengaluru: Bhavish Aggarwal-led Ola Electric Mobility reported a year-on-year (YoY) increase in losses for Q1 FY25, reaching Rs 346 crore, compared to Rs 268 crore in Q1 FY24.

However, quarter-on-quarter (QoQ) losses decreased from Rs 418 crore.

Revenue from operations saw a 32.26% rise, totalling Rs 1,644 crore, with a 2.8% growth on a sequential basis.

The company also achieved its highest-ever quarterly revenue, driven by record vehicle deliveries—1,25,198 units, up from 70,575 units in the same period last year.

The growth was primarily attributed to the mass-market S1 X scooter portfolio, along with strong demand for the S1 Pro, S1 Air, and S1 X+ models.

Looking ahead, Ola Electric plans to introduce its own cell technology in its vehicles starting Q1 FY26. Currently the largest electric two-wheeler (e2W) seller in India, Ola held a 48.63% market share and accounted for 35% of all e2W registrations in FY24.

The company also revealed plans to launch a range of electric motorcycles, catering to both mass and premium segments, during its flagship event on August 15, 2024.

Previously, Ola raised Rs 5,500 crore through an initial public offering (IPO), which will be used to expand its cell manufacturing capacity from 5 GWh to 6.4 GWh, repay debt, and support research and development efforts.

Ola Electric currently produces electric two- and three-wheelers as well as EV components like battery packs, motors, and vehicle frames. The company operates a factory in Bengaluru and is constructing EV hubs in Krishnagiri and Dharmapuri, Tamil Nadu.