The Ola Illusion, Aakash Partners ITBP, and Veranda Learning’s Scholarship

In the first week of April 2026, Ola Electric’s stock jumped nearly 30%. It looked like a comeback, but raised a harder question. Was this a recovery or simply market noise hiding a deeper collapse?

To understand the rally, go back to what Ola once was. Between 2022 and 2024, it controlled up to half of India’s electric two-wheeler market. The strategy was simple: scale fast, price aggressively, and build everything in-house. It worked for a while. By 2025, it had broken down.

The market grew to 1.28 million units, but Ola’s sales fell more than 50%, dropping from over 4 lakh units to under 2 lakh. Its share collapsed to single digits even as TVS, Bajaj, and Ather gained ground. This was not an industry slowdown. It was an Ola problem.

The reasons were operational. Service failures piled up. Complaints crossed 1 lakh. A brand built on disruption struggled with basics like repairs and reliability. In this category, trust matters more than novelty.

Then came the rally. A spike in registrations, a PLI certification for its Roadster platform, and heavy trading volumes created momentum. Add a short squeeze after months of decline, and the stock moved sharply. None of this changed the fundamentals.

Revenue fell 55% year-on-year to ₹470 crore. Losses widened, and margins worsened, with the company losing more than it earned on every unit sold. At a gross level, it was still selling below cost, a model that only works as long as capital flows.

Behind the noise, Ola is repositioning around India’s EV sovereignty. Its Gigafactory and shift to 4680-format cells sit at the center. If it works, Ola becomes a core battery supplier. If not, it is left with idle capacity and mounting losses.

Execution remains the constraint. The plant runs at about 65% yield, far from efficient levels. Expansion has been paused, and capital redirected to keep the core business alive.

Competition has evolved. Ather focused on product quality and steady expansion. TVS and Bajaj used service networks to win customers who now value reliability over hype. The market has matured.

Policy is shifting too. Subsidies are reducing, and incentives are tied to performance. The easy growth phase is over. Companies now have to compete on product, cost, and execution.

That is why the rally looks fragile. Markets can react to signals, but businesses are built on consistency. For Ola, that consistency has not returned. The path is clear but demanding: stabilise revenue, fix service, improve margins, and make the battery strategy work.

Until then, the rally remains what it looks like: hope, not proof.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Shiksha Ki Pahuch Apram Paar”: Aakash partners with Indo-Tibetan Border Police for education support

Aakash Educational Services Limited has partnered with the Indo-Tibetan Border Police to provide education support for personnel and their families.

The initiative includes scholarships, structured coaching, and access to talent-based exams like ANTHE to strengthen competitive exam preparation. This five-year program aims to build a more accessible and sustained academic support system.

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“Gareebo Ka Maseeha”: Veranda Learning launches scholarship initiative for CA aspirants

Veranda Learning has launched a new scholarship initiative aimed at supporting CA aspirants through its “Kind Circle” community program. The initiative focuses on students enrolled at J.K.

Shah Classes, offering financial support and a more accessible pathway into chartered accountancy. It’s a small but meaningful push toward reducing barriers in one of India’s toughest professional journeys.

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“Jahan Teri Ye Nazar Hai”: Nykaa eyes majority stake in Deepika Padukone’s 82°E

Nykaa is reportedly in talks to acquire a majority stake in Deepika Padukone’s skincare brand 82°E as it looks to strengthen its in-house beauty portfolio.

With its scale and a customer base of over 42 million, Nykaa could significantly boost 82°E’s growth and repeat sales. The move reflects intensifying competition in India’s premium beauty space.

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1. ILIOS 72, a wealth management and private markets platform, has raised an undisclosed pre-Series A round at a valuation of around $2 million with backing from family offices in Jaipur and Mumbai.

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2. F&B intelligence platform Vacati has raised ₹10 lakh in angel funding as it looks to sharpen its AI-driven offerings for the hospitality space. The capital will go toward building domain-specific large language models and rolling out its consumer-facing application.

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3. SatLeo Labs has raised $2.2 Mn to push forward its thermal satellite intelligence platform, building a multi-spectral constellation for continuous earth observation. The startup is targeting high-impact use cases across climate monitoring, defence, agriculture, and disaster response.

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4. GoSats has raised $5 Mn in a round led by Konvoy with participation from Y Combinator and Taisu Ventures to scale its alternative rewards platform. The company plans to expand beyond Bitcoin and gold into new asset classes while deepening partnerships.

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5. Konvoy has led a $5 Mn Series A round in GoSats with participation from Y Combinator and Taisu Ventures. The fintech startup is scaling its asset-based rewards model offering alternatives to traditional cashback.

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6. Dam Good Fish has raised undisclosed funding at a ₹30 Cr valuation as it looks to scale its seafood infrastructure play. The company will use the capital to strengthen AI-led supply systems and expand into new metro markets.

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