New Delhi, June 5 -- As India's most-watched and ambitious electric vehicle (EV) startup, Ola Electric has challenged conventions by expanding beyond ride-hailing into EV manufacturing. When it did that, it faced ridicule, ire, and admiration. Yet it forged ahead, scaling volumes and growing its customer base. But in the real world, innovation and ambition at some point must usher in tangible business outcomes. That's what investors want: burn, build, and turn black. But Ola is still in the red.

If we were to go by its FY25 financial numbers, Ola is still caught between the devil and the deep blue sea. Despite leading the electric two-wheeler market in terms of volume, the company is now navigating through deep financial strain, operatio...