India, Dec. 17 -- When the EV ride-hailing major BluSmart broke down in April 2025 due to financial and governance distress, many were stunned that a company known for its strong service quality and compelling value proposition had several cracks in its raft.

The same is true for Log9 Materials, which had been showing signs of strain for over a year - slowing momentum, strategic missteps, and increasing debts. Then, Ola Electric's market share began to shrink, as legacy giants like TVS Motor and Bajaj Auto, as well as Ather Energy, overtook the electric two-wheeler maker that once dominated the country's EV landscape.

In many ways, these events were not isolated shocks but the culmination of a trajectory set in motion much earlier. Afte...