People · Mobility & Logistics

Ola Electric CFO resigns as Deepak Rastogi takes over

By Startup Enthusiast · 19 January 2026

What they do

Ola Electric manufactures electric two-wheelers and battery energy products

CFO Harish Abichandani resigned immediately while Deepak Rastogi was appointed as his replacement

The leadership change follows significant revenue drops and multiple investor exits from the company

CFO Harish Abichandani resigned citing personal reasons effective immediately.
Deepak Rastogi was appointed as the new CFO starting January 20, 2026.
Rastogi has been designated as a Key Managerial Personnel for the company.
Abichandani joined Ola Electric as CFO in December 2023 and managed its stock debut.
Vishal Chaturvedi, head of the cell business, quit in December 2025.
CMO Anshul Khandelwal and CPTO Suvonil Chatterjee departed in December 2024.
SoftBank Group sold a 2.15% stake between September 2025 and January 2026.
Z47 fully exited its investment in December 2025 after being ex-Matrix Partners India.

Ola Electric faces reputational damage and allegations regarding battery technology.
Revenue contracted significantly with Q2 FY26 sales dropping 43% year-over-year.
The company reported a consolidated net loss of INR 418 Cr in Q2 FY26.
Market share in the electric two-wheeler segment fell to 16.1% from 36.7%.
Tiger Global and Alpha Wave Ventures also sold portions of their stakes.

Ola Electric manufactures electric two-wheelers including the S1 Pro Sport and Roadster models.
The product lineup includes various S1 variants and high-performance Roadster electric motorcycles.
The company produces Shakti and Mahashakti electric three-wheelers for commercial use.
It offers an energy portfolio featuring home batteries and grid-compatible LFP cells.
Ola Electric supports solar compatibility within its broader energy storage ecosystem.
The service network currently operates 590 centers with a target of one lakh mechanics.
Q2 FY26 revenue from operations stood at INR 690 Cr down from the previous year.
The stock price hit an all-time low of Rs 30.79 on December 18.
Recent stock closing prices reflected a 3.95% decline to INR 35.78.

SoftBank Group (seller) — SoftBank reduced its holding to approximately 13.53% by selling shares.
Z47 (seller) — Formerly Matrix Partners India, Z47 fully exited its investment in December 2025.
Tiger Global (seller) — Tiger Global sold a portion of its stake in Ola Electric.
Alpha Wave Ventures (seller) — Alpha Wave Ventures sold a portion of its stake in Ola Electric.