India, March 2 -- At an event before the Ola Electric IPO in August last year, the company's founder and CEO Bhavish Aggarwal banked on one central theme to take the EV maker to profitability - high sales volumes that will drive higher revenue and lower costs at scale.

So far, neither of these has come to fruition. The EV maker's numbers for the December quarter make for bleak reading with losses growing 50% from Q2 to INR 564 Cr. Operating revenue fell by 19% to INR 1,069 Cr as the company lost market share to new-age rivals and legacy OEMs.

On the profitability side, the widening EBITDA losses should be even more worrying for those eyeing Ola Electric for their portfolio. EBITDA loss grew to -40.7% from -19.5% - Ola's investments for ...