Ola Electric shares plummet 10% after Q4 losses double, revenue contracts. This and more in today’s ETtech Top 5.
Also in the letter:
■ Founder go direct
■ Zerodha Capital's FY25 report
■ India’s crypto plan
Ola Electric shares tumble 10% after Q4 earnings shocker
Bhavish Aggarwal, CEO, Ola Electric
Shares of Ola Electric fell 9.7% to an intraday low of Rs 48.07 on the BSE on Friday, after the company reported its worst quarterly performance since it began delivering electric scooters in 2021. The Q4 FY25 results
Financials:
Market snap: Although the stock recovered slightly by market close, ending Friday at Rs 50.97, it was still down 4.26% for the day.
CEO speak: On the earnings call, Ola Electric founder Bhavish Aggarwal called the March quarter a period of “important learning and introspection.”
He said the company is now more cautious in how it allocates capital for new products, with a renewed focus on strengthening internal processes, particularly in customer service, regulatory compliance, and risk management.
Rival watch: Against Ola, its listed rival Ather Energy saw an improvement over its financials this quarter.
Falguni Nayar, CEO, Nykaa
FSN Ecommerce Ventures, the parent company of beauty etailer Nykaa, posted a sharp rise in profit for the March quarter, driven by stronger sales and improving margins.
Financials:
Tell me more: The company’s gross merchandise value (GMV) rose 27% year-on-year (YoY) in the March quarter. Profitability continued to improve, with earnings before interest, taxes, depreciation and amortisation (Ebitda) margin expanding to 6.5%.
Other highlights:
CEO’s take: “On a net revenue basis, the beauty business has grown at 25% YoY. This reflects a strong performance across all of the beauty verticals, which include ecommerce, physical retail, our house of brands, as well as E-B2B business, which provides further distribution to retailers,” CEO Falguni Nayar said in a post-earnings call on Friday.
Full Stack by Samidha Sharma: Founders are going direct — but startup rivalry is nothing new
What happened:
Why it matters: Palicha’s post shows how narrative control is becoming part of the modern founder’s playbook, especially in high-stakes sectors like quick commerce.
The big picture:
The difference now? Founders are naming names in real time, shaping the narrative before the stories are even written.
Samidha’s take: The battle for capital among high-growth startups is as personal as it is financial. Palicha’s move wasn’t just a callout — it was a strategic attempt to control the narrative before it turned on him. However, Indian founders would do better to focus on building durable businesses, rather than engaging in personal communication wars.
Read the full column here.
Sponsor ETtech Top 5 & Morning Dispatch!
Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India’s tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees.
The opportunity:
What’s next: Interested? Reach out to us at spotlightpartner@timesinternet.in to explore sponsorship opportunities.
Zerodha Capital's FY25 net profit rises 78%, focus on scaling up credit play
Zerodha Capital, the non-banking finance arm of stockbroking firm Zerodha, reported a net profit of Rs 12.5 crore and revenue of Rs 36 crore for the financial year ended March 2025.
More details: Revenue more than doubled from Rs 17 crore in FY2024, while net profit rose 78% from Rs 7.2 crore. The company primarily offers credit products such as loans against securities, with stocks, exchange-traded funds (ETFs) and mutual funds accepted as collateral.
“We have a bouquet of around 1,300 securities, and we offer loans to investors who have those securities,” said Abhilash SR, head, Zerodha Capital.
Financials:
Also Read: Stock market set to plateau after euphoria of last four years: Zerodha’s Nithin Kamath
India may float paper on crypto assets norms in June
The government may release a discussion paper in June outlining policy framework options for crypto assets, amid growing mainstream acceptance of virtual currencies.
Framing rules: The paper will draw on the synthesis document prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), sources told us, adding that it is currently under review.
Crypto assets have gained popularity in part due to US President Donald Trump’s strong support for digital currencies.
Mandate so far: India’s position on cryptocurrencies remains ambiguous.
Also Read: Donald Trump unveils US crypto reserve plan, triggering market volatility
Also in the letter:
■ Founder go direct
■ Zerodha Capital's FY25 report
■ India’s crypto plan
Ola Electric shares tumble 10% after Q4 earnings shocker
Shares of Ola Electric fell 9.7% to an intraday low of Rs 48.07 on the BSE on Friday, after the company reported its worst quarterly performance since it began delivering electric scooters in 2021. The Q4 FY25 results
Financials:
- Operating revenue: Fell 61.8% year-on-year to Rs 611 crore, down from Rs 1,598 crore in the same quarter last year.
- Net loss: More than doubled to Rs 870 crore, compared to Rs 416 crore in Q4 of the previous fiscal.
Market snap: Although the stock recovered slightly by market close, ending Friday at Rs 50.97, it was still down 4.26% for the day.
- It now trades well below its initial public offering (IPO) price of Rs 76, having lost over 40% of its value since its listing.
- The slide follows growing concerns over inflated sales claims, quality issues, and missing trade certificates across various retail outlets.
- Adding to the pressure, ET reported that Ola Electric has slipped to the third place in India’s electric-two wheeler market in May, overtaken by legacy companies TVS Motor and Bajaj Auto.
CEO speak: On the earnings call, Ola Electric founder Bhavish Aggarwal called the March quarter a period of “important learning and introspection.”
He said the company is now more cautious in how it allocates capital for new products, with a renewed focus on strengthening internal processes, particularly in customer service, regulatory compliance, and risk management.
Rival watch: Against Ola, its listed rival Ather Energy saw an improvement over its financials this quarter.
- In Q4, Ather’s revenue rose 29% to Rs 676.1 crore.
- Its losses narrowed 17% to Rs 234.4 crore amid rising volumes and improved margins.
FSN Ecommerce Ventures, the parent company of beauty etailer Nykaa, posted a sharp rise in profit for the March quarter, driven by stronger sales and improving margins.
Financials:
- Operating revenue (Q4): Rs 2,061.7 crore, up 27% from Rs 1,668 crore a year earlier.
- Net profit (Q4): Rs 19 crore, versus Rs 9 crore last year.
- Expenses (Q4): Rs 2,031 crore.
- Revenue (FY25): Rs 7,950 crore, up 24% from FY24.
- Net profit (FY25): Rs 66 crore, up 105%.
Tell me more: The company’s gross merchandise value (GMV) rose 27% year-on-year (YoY) in the March quarter. Profitability continued to improve, with earnings before interest, taxes, depreciation and amortisation (Ebitda) margin expanding to 6.5%.
Other highlights:
- GMV for Nykaa’s core beauty vertical touched Rs 11,775 crore, growing 30% YoY.
- Sales from House of Nykaa nearly doubled over the past two years.
- Nykaa Fashion rebounded, with GMV up 18% YoY and revenue rising 19%.
- It launched a record number of global brands on its platforms, including Yves Saint Laurent and Armani Beauty.
CEO’s take: “On a net revenue basis, the beauty business has grown at 25% YoY. This reflects a strong performance across all of the beauty verticals, which include ecommerce, physical retail, our house of brands, as well as E-B2B business, which provides further distribution to retailers,” CEO Falguni Nayar said in a post-earnings call on Friday.
Full Stack by Samidha Sharma: Founders are going direct — but startup rivalry is nothing new
What happened:
- Zepto cofounder Aadit Palicha went public this week with serious allegations, accusing the CFO of a rival consumer internet firm of trying to sabotage Zepto’s funding round.
- In a detailed LinkedIn post, Palicha claimed the rival executive triggered investor calls, shared doctored Excel sheets, and fuelled a bot-driven social media backlash to undermine the company.
Why it matters: Palicha’s post shows how narrative control is becoming part of the modern founder’s playbook, especially in high-stakes sectors like quick commerce.
The big picture:
- Rivalries between startups during fundraises are not new. What’s changed is how they’re playing out — not in whispers, but on public platforms.
- Tactics such as investor smear campaigns and selective data leaks have long been employed.
The difference now? Founders are naming names in real time, shaping the narrative before the stories are even written.
Samidha’s take: The battle for capital among high-growth startups is as personal as it is financial. Palicha’s move wasn’t just a callout — it was a strategic attempt to control the narrative before it turned on him. However, Indian founders would do better to focus on building durable businesses, rather than engaging in personal communication wars.
Read the full column here.
Sponsor ETtech Top 5 & Morning Dispatch!
Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India’s tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees.
The opportunity:
- Reach a highly engaged audience of decision-makers.
- Boost your brand’s visibility among the tech-savvy community.
- Custom sponsorship options to align with your brand’s goals.
What’s next: Interested? Reach out to us at spotlightpartner@timesinternet.in to explore sponsorship opportunities.
Zerodha Capital's FY25 net profit rises 78%, focus on scaling up credit play
Zerodha Capital, the non-banking finance arm of stockbroking firm Zerodha, reported a net profit of Rs 12.5 crore and revenue of Rs 36 crore for the financial year ended March 2025.
More details: Revenue more than doubled from Rs 17 crore in FY2024, while net profit rose 78% from Rs 7.2 crore. The company primarily offers credit products such as loans against securities, with stocks, exchange-traded funds (ETFs) and mutual funds accepted as collateral.
“We have a bouquet of around 1,300 securities, and we offer loans to investors who have those securities,” said Abhilash SR, head, Zerodha Capital.
Financials:
- Zerodha Capital has a net worth of Rs 175 crore, with an average ticket size of Rs 6 lakh.
- The company has raised approximately Rs 250 crore from banks and other non-banking financial companies (NBFCs), with a debt-to-equity ratio of 1.4.
Also Read: Stock market set to plateau after euphoria of last four years: Zerodha’s Nithin Kamath
India may float paper on crypto assets norms in June
The government may release a discussion paper in June outlining policy framework options for crypto assets, amid growing mainstream acceptance of virtual currencies.
Framing rules: The paper will draw on the synthesis document prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), sources told us, adding that it is currently under review.
Crypto assets have gained popularity in part due to US President Donald Trump’s strong support for digital currencies.
Mandate so far: India’s position on cryptocurrencies remains ambiguous.
- In FY23, the government imposed a 30% tax on gains from virtual digital assets.
- It later required crypto exchanges to register with the Financial Intelligence Unit.
- The RBI has repeatedly urged caution over the potential misuse of cryptocurrencies.
Also Read: Donald Trump unveils US crypto reserve plan, triggering market volatility
You may also like
Mass shooting in Toronto: At least one dead, 5 hospitalised; probe on
Elon Musk calls Donald Trump's Big Beautiful Bill a 'disgusting abomination'; how White House reacted
Found & released: 3 Indians missing in Iran rescued by cops in Tehran; all you need to know
IPL 2025: Kohli's RCB became champion for the first time, became the eighth team to win the trophy, defeated Punjab in the final..
Baked beans will taste way better with 'delicious flavour' if you add 1 ingredient