In 2019, Z47 made their initial investment of INR 107 crore in Ola Electric. The AI startup Krutrim and the ride-hailing company Ola Cabs are also owned by the venture capital fund.

In October of last year, ET revealed that Z47 is reducing its ownership of Ola, the fintech startup Razorpay, the business-to-business (B2B) commerce company OfBusiness, and the local language content platform Dailyhunt in order to generate $150–180 million. At the same time, Tiger Global Management reduced its ownership of Ola Electric from 3.45% three months before to the end of June 2025 to 3.24%.
Through its Internet Fund III, Tiger Global currently owns INR 585 crore in the EV manufacturer. In June, Hyundai Motor Company and Kia Corporation made INR 552 crore and INR 137 crore from the sale of about 10.88 crore and 2.7 crore shares, respectively.

As sales suffered in the face of heightened competition in India’s E2W sector, Ola Electric’s operational revenue for the first quarter virtually halved compared to the same period last year, and its loss increased. For the quarter that ended on June 30, the company reported a net loss of INR 428 crore on revenue of INR 828 crore.
The net loss decreased to less than half from INR 870 crore in the January-March quarter, but it increased from INR 347 crore a year earlier. In the March quarter, it reported operating revenue of INR 611 crore. During an earnings call, Bhavish Aggarwal, the business’s founder and managing director, stated that the company has now shifted its focus to profitability.

According to Aggarwal, the company has shifted from a strategy of aggressive penetration to one of more balanced and profitable expansion. Following a period of hypergrowth, the industry is now consolidating and is expected to experience another upswing soon. It’s time to combine operations till then.