Startup
Ola Electric sets price band of Rs 72-76 per share for IPO
Softbank-backed electric vehicle maker Ola Electric will offer shares in the price band of Rs 72 to Rs 76 per equity share, in its initial public offering, according to a newspaper ad the company placed on Monday.
The offering, which will open this week, will include a fresh equity issue of Rs 5,500 crore and an offer for sale (OFS) of 8,49,41,997 shares. At the upper price band of Rs 76, the offer for sale would be worth Rs 645.56 crore.
Bids can be made for a minimum of 195 equity shares and in multiples of 195 equity shares thereafter. The floor price and the cap price are 7.2 times and 7.6 times the face value of the equity shares, respectively.
Ola Co-founder and promoter-selling shareholder Bhavish Aggarwal will sell 3.79 crore equity shares, and promoter group Indus Trust will sell 41.79 lakh equity shares in the OFS.
Ola Electric’s IPO will open for subscription on August 2, while the anchor investor bidding will start a day earlier on August 1. The issue will close on August 6.
The book-running lead managers for the IPO are Kotak Mahindra Capital, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, and BOB Capital Markets.
The company’s revenue from operations increased to Rs 5,009.8 crore in FY24 from Rs 2,630.9 crore in FY23. It recorded a loss of Rs 1,584.4 crore compared with Rs 1,472 crore in FY23.
Startup
Agritech in 2025: Building on the momentum of 2024
In the crucible of global challenges, climate volatility, food insecurity, and ecological disruption, agriculture stands at a profound crossroads. The systems that have fed humanity for generations are straining under unprecedented pressures, yet within this complexity lies an extraordinary human capacity for reimagination. Our agricultural future is not a story of inevitable decline but radical innovation. As technologies converge and human ingenuity accelerates, we are witnessing the emergence of solutions that can simultaneously address productivity, sustainability, and resilience—transforming existential threats into opportunities for systemic reinvention.
However, if I were to highlight some of the most exciting spaces as an investor, I would pick the following areas.
Financing as a great equaliser
The most significant breakthrough in 2025 has been the democratisation of agricultural technology through innovative financing models. Recognising that financial barriers have historically prevented grassroots adoption of transformative technologies, we’ve witnessed the emergence of hybrid financing mechanisms that bridge traditional lending gaps. Fintech platforms are developing sophisticated credit scoring models that leverage satellite imagery, farm productivity data, and localised climate information. These platforms now provide microloans and equipment financing tailored specifically to small farmers, dramatically reducing the risk for investors and agricultural entrepreneurs.
Public-private partnerships have been instrumental in this transformation, with state governments and financial institutions collaborating to create risk-sharing frameworks that make agricultural technology investments more accessible.
Climate adaptation as core investment thesis
Climate is no longer a peripheral consideration but the central lens through which we evaluate agricultural innovations. In 2025, we’re seeing a fundamental reimagining of agritech advancements that prioritise climate resilience alongside productivity.
Precision agriculture technologies have evolved from efficiency tools to comprehensive climate adaptation systems. Innovations now integrate real-time climate modelling, predictive crop stress analysis, and adaptive irrigation systems that respond dynamically to changing environmental conditions. Machine learning algorithms can now predict localised climate impacts with unprecedented accuracy, enabling farmers to make proactive decisions about crop selection, planting times, and resource allocation.
The emerging high-value circular economy
Historically, agricultural waste in India followed a predictable, low-value trajectory. Crop residues, food processing byproducts, and organic waste were primarily channelled into traditional, low-margin applications: animal feed for cattle, rudimentary biofuels, and basic bio-fertilizers. While seemingly practical, these applications offered minimal commercial incentives for supply chain participants.
However, the past few years have witnessed a remarkable paradigm shift. Emerging technologies and innovative startups are unlocking high-value applications for agricultural and food waste that span multiple industries—packaging, biomaterials, textiles, and beyond. It isn’t just an incremental change; it’s a fundamental reimagining of waste as a strategic resource. Unlike previous low-margin utilisation strategies, these innovations represent a quantum leap in value creation. They require substantial investment in research and development, creating a dynamic ecosystem of continuous technological improvement and value generation.
The business models evolving in this space are inherently more sustainable, with substantially higher margins that make long-term investment attractive.
Convergence and interdisciplinary innovation
One of the most exciting trends in 2025 is the increasing convergence of agricultural technology with adjacent sectors. We’re observing breakthrough innovations that emerge from the intersection of agriculture, biotechnology, materials science, and digital technologies.
For instance, emerging biomaterials developed for agricultural applications are also used in the packaging, construction, and pharmaceutical industries today. Microbiome engineering techniques, originally for soil health, are now being adapted for human health applications.
This cross-pollination of technologies creates new value streams and demonstrates the interconnected nature of modern innovation ecosystems.
Investment landscape and future outlook
For investors, the agritech sector in 2025 represents a complex but incredibly promising landscape.
Success will depend on understanding multidimensional value creation—not just financial returns but social impact, environmental sustainability, and technological potential. The most successful investment strategies will be those that can identify and support innovations with the potential to create systemic change rather than incremental improvements. This means looking beyond traditional agricultural technologies and understanding how food systems intersect with broader technological and societal transformations.
As we look ahead, one thing is clear: the future of agriculture is not about technology replacing human expertise but rather creating empowering tools that enhance human capability, resilience, and potential.
(Mark Kahn is Managing Partner of Omnivore, which funds entrepreneurs building the future of agriculture and food systems.)
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
Startup
Razorpay marks decade milestone with ESOPs worth Rs 1 lakh to all employees
Digital payments and banking solutions unicorn
has extended ESOPs worth Rs 1 lakh to all current employees, marking its 10-year journey.This is the latest in a series of ESOP initiatives by the company, from its first buyback in 2018, which allowed 140 employees to liquidate their vested shares, to a $75 million buyback in 2022 benefiting 650 current and former employees.
“Back in 2014, when we started Razorpay, we didn’t think of it as a startup, it was a massive customer problem we wanted to fix – the complexity of integrating payment systems intrigued us. That’s been the common denominator till now. I believe our customer-centric vision is what has transformed us from a simple idea of making payments seamless into a platform that is empowering the dreams of millions of businesses across India today.,” Harshil Mathur, Co-founder and CEO of Razorpay, said.
He added, “The ESOP initiative is our way of ensuring every teammate shares in the success as we continue to innovate, simplify money movement, and create even greater value for businesses in India and beyond.”
Razorpay, founded in 2014 by IIT Roorkee alumni Shashank Kumar and Harshil Mathur, is an omnichannel payments and banking platform that provides innovative, technology-driven solutions to address the complete payment and banking needs of Indian businesses.
Serving over 300 million end consumers across India, the company boasts an annualised Total Payment Volume (TPV) of $180 billion, Razorpay is the second Indian company to join Silicon Valley’s prestigious tech accelerator, Y Combinator.
The company is backed by marquee investors like
, Lone Pine Capital, , TCV, GIC, , Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard.It has raised $741.5 million across Series A to F funding rounds, with contributions from angel investors.
Recently, Razorpay, in partnership with Peak XV Partners and Lightspeed, launched a venture investment programme to support early-stage B2B startups, investing up to $1 million per startup annually across sectors like fintech, healthcare, education, logistics, and hospitality.
Startup
2024: The year mobility startups hit the accelerator and EVs ruled the roads
For the longest time, the electric vehicle (EV) industry in India was considered a sunrise sector—its potential yet to be fully harnessed. In 2024, EVs entered the mainstream.
This year, Ola Electric went public and held its dominant position in the two-wheeler EV segment, albeit not without hiccups; MG launched Windsor EV with a first-of-its-kind battery-as-a-service offering to ease the burden of the high cost of EV batteries on consumers; and companies from across the spectrum, including ecommerce giants like Flipkart and mobility startups like Rapido, expanded the use of EVs in their operations.
More EVs are zooming on Indian roads than ever before. According to the national vehicle registry Vahan, 1.8 million EVs were sold this year till November. However, the year has also been a test drive for many EV companies, with the government rolling back subsidies that had made these vehicles a cost-efficient alternative to ICE (internal combustion engine) vehicles.
The third phase of FAME (Faster Adoption and Manufacturing of Electric Vehicles) Scheme seems to be nowhere in sight. Instead, the government this year rolled out the PM E-DRIVE (PM Electric Drive Revolution in Innovative Vehicle Enhancement) scheme but it focuses more on commercial vehicles like electric buses, electric ambulances and trucks instead of personal commute vehicles.
E-bikes also ran into regulatory trouble in Karnataka. The state government withdrew the Karnataka Electric Bike Taxi Scheme in March citing a lack of encouraging response from ride-hailing services and misuse of the policy by certain app-based aggregators. But, with bike taxi aggregators such as Rapido offering bike taxis and not electric bikes, the majority of the aggregators were able to slip through.
India has set the ambitious target of 30% EV penetration by 2030 as part of the EV30@30 campaign. This year, we took significant steps to achieve that.
EV mobility speeds up
In August, Bhavish Aggarwal-led Ola Electric was listed on the public bourses. At the time of listing, one of the sticky points was profitability. The company’s bottom line continues to be in red.
For the July-September quarter, it reported a net loss of Rs 495 crore down from Rs 524 crore in the year-ago period. However, its loss widened quarter-on-quarter from Rs 324 crore in Q1 FY25.
While plagued with consumer complaints, show cause notices from regulators, and social media feuds, the company’s listing was largely viewed as a positive step in the ecosystem, marking the listing of the first fully electric automobile startup. Next year, its competitor, Ather Energy, will also head to the public markets and has filed its draft papers with the Securities and Exchange Board of India.
In 2025, both are expected to expand beyond electric scooters and roll out their electric motorcycles, eyeing a new set of customer base. The motorcycle ecosystem has a few players including Ultraviolette and a relatively new startup, Oben Electric. However, TVS and Bajaj, legacy companies in the two-wheeler industry, have already captured a big piece of the market, giving both Ola Electric and Ather a run for their money. Interestingly, Bajaj is also an investor in Ather Electric.
As Ola Electric made waves on public stock exchanges, Ola Consumer, the ride-hailing arm of the Ola Group, attempted to capture back some lost ground in the cab aggregation segment as relatively new players like Rapido and Namma Yatri expanded beyond their comfort zone and made significant strides in cab-hailing.
Ola Consumer rolled out its customer loyalty programme called Ola Coin and reintroduced the ride-sharing service on its platform after it had it shut down during COVID-19.
At the same time, EV cab aggregator BluSmart is doubling down on its premium offerings with plans to expand its fleet. The company’s asset leasing initiative, which allows partners to purchase electric cars and lease them to the company, surpassed Rs 100 crore in book value. The company also reported a 77% YoY rise in its gross merchandise value to Rs 275 crore as demand for its EV cabs rose in the first half of FY25.
Challenges plaguing the EV ecosystem
High costs of manufacturing vehicles, thin profit margins, and establishing a charging infrastructure have been key sticking points in EV adoption.
Though the ecosystem has birthed more startups to fill the gap in India’s EV charging infrastructure, and the government has rolled out policies like PM E-DRIVE and the extension of the Electric Mobility Promotion Scheme (EMPS), the EV infrastructure landscape is far from perfect and is yet to convincingly address range anxiety.
One of the major reasons stunting the growth of charging stations is unfavourable unit economics, according to a report by KPMG and CIIs. “Charging stations require significant investment. It is estimated that Rs 15-20 lakh are required to set up a 60-kilowatt charging station with two charging guns,” the report says.
At the same time, operators are also discouraged by the average utilisation in the low single digits, which restricts revenue generation.
Additionally, EV chargers don’t follow a uniform standard, which comes with its own set of problems as OEMs continue to produce models with different standards, leading to incompatible hardware.
One way to address range anxiety is by extending the battery life. This year also saw developments in battery infrastructure with Ola Electric assembling homegrown 4860 Lithium-ion battery cells as well as wider adoption of battery swapping technology.
The government too made efforts to ensure easy procurement of critical metals for EV battery development. In Budget 2024-25, Finance Minister Nirmala Sitharaman proposed to waive import duties on lithium and other critical metals.
Driving into 2025
According to the FICCI EV Public Charging Infrastructure Roadmap 2030 report, to achieve the mission of over 30% electrification of vehicles by 2030, India will need to shell out Rs 16,000 crore in capital expenditure to meet public hanging demands.
The report also notes that the financial viability for public charging stations in India remains low at less than 2% utilisation, and to achieve profitability and scalability, the country needs to aim for 8-10% utilisation by 2030.
However, companies are gearing up to address the issue at hand. CHARGE ZONE, a Vadodara-based charging startup, plans to invest $360 million to establish 25 new supercharging stations and aims to reach a total of 500 stations nationwide.
“This year witnessed transformative shifts across the EV ecosystem, driven by rapid advancements in charging infrastructure, innovative energy solutions, and a focus on reducing range anxiety. The integration of smart charging technologies, including vehicle-to-grid capabilities and energy management systems, is evolving how EV owners interact with the grid. It’s no longer just about more charging points; it’s about making them efficient, accessible, and even powered by renewable energy. Solar-powered home and community chargers are also playing a critical role, especially in Tier II and III cities where adoption is rising,” said Akshay Shekhar, CEO and Co-founder of Kazam. The startup operates charging station networks across the country.
Looking ahead, 2025 is expected to be a significant year for EVs. In the passenger vehicle category, companies like Mahindra & Mahindra, TATA Motors, Hyundai, and Maruthi Suzuki, among others, are expected to roll out new models. Meanwhile, Ola Electric and Ather are also planning their line of motorcycles. Yulu is also planning to launch its new electric scooter targeting the ecommerce segment.
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