Ola Electric Secures INR 95.8 Crore PLI Incentive Approval From Government

An announcement on the exchange said that the Ministry of Heavy Industries had sanctioned Ola Electric Mobility for an incentive of INR 95.81 crore under the Production Linked Incentive (PLI) scheme for cars and auto parts.

The payment can be distributed through IFCI Ltd., the nodal agency responsible for disbursements, and the incentive is related to the scheme's FY27 demand incentive component. Ola Electric was previously granted INR 367 crore in FY25 and INR 73.74 crore in FY24 through the scheme.

Ola Electric Recovering from Losses

Ola Electric Mobility, headquartered in Bengaluru, India, had a turbulent June quarter, reporting a reduced net loss year over year despite a precipitous decline in revenue. Vehicle registrations for the electric two-wheeler manufacturer also increased at a rapid rate during the quarter. In the first quarter of fiscal year 27, the business lost INR 336 crore, down from INR 426 crore in the same period last year. Having said that, revenue fell from INR 828 crore to INR 455 crore, a 45% year-on-year reduction.

The EBITDA deficit shrank to INR 165 crore in the first quarter of FY26 from 237 crore in the previous year. The Ola S1Z electric scooter, priced at an introductory INR 79,999, was announced by Chairman and Managing Director Bhavish Aggarwal on August 28, leading to a 4.38% gain in share price that day. With an alleged IDC range of 301 miles and powered by Ola's 46160 LFP Bharat Cell, the scooter is set to hit the market in December 2026. As part of their effort to produce critical components locally, Ola Electric is launching the S1Z.

Ola Launches Shakti Gen2 Home Inverter

Ola Electric has just released a limited-time deal for its Shakti Gen2 home inverter. On August 19th, the business announced a price decrease for the first few clients who would like to put this lithium-ion battery-packed gadget in their houses. It would allow them to continue using their air conditioner, refrigerator, and other commonplace equipment even when the power goes out.

Reserve this device for a cost of INR 999. It is available in two capacities: 3 kW and 6 kW. The business urged potential buyers to act quickly. Prices start at INR 1,19,999 for the 3 kWh model and go up to INR 1,99,999 for the 2 kWh model. But for a limited time, special pricing will be available to those who pay the reservation amount. After applying a INR 20,000 discount, the former will be priced at INR 99,999. After the discount of INR 25,000, the price of the latter drops to INR 1,74,999.

Launched on October 16, 2025, the company's first non-vehicle product debuted in the energy storage area, marking its entrance into the market. Ola Electric's "Shakti" app-based energy storage device was unveiled by Bhavish Aggarwal, the company's chairman and managing director. This Cloudevice has a cloud connection through an app and is said to be a smart, portable, and intelligent gadget. The manufacturer asserts that their product has a long lifespan of 8 years and offers great round-trip energy efficiency.