Ola Electric's Q4 losses double; Walmart on quick comm
Ola Electric's Q4 losses double; Walmart on quick comm
Also in the letter:
Ola Electric Q4 net loss doubles to Rs 870 crore as revenue slumps 62%
Financials:
Operating revenue: Rs 611 crore, down 61.8% from Rs 1,598 crore a year ago.
Rs 611 crore, down 61.8% from Rs 1,598 crore a year ago.
Net loss: Rs 870 crore, versus Rs 416 crore in Q4 FY24.
Rising woes:
Yes, and:
Seeking funds:
Quick commerce is 20% of India's ecommerce and growing fast: Walmart
Driving the news:
The company aims to operate 800 dark stores by the end of 2025. It has already crossed the halfway mark, VP Kabeer Biswas told ET earlier this month.
'We're not so focused on profitability that we would trade off market share,' McLay said. 'The path to profitability is not linear… but we've seen it in other markets where we've been able to achieve it, not just at a market level, but within specific channels.'
The big picture :
Flipkart competes with Blinkit, Instamart, Zepto, BigBasket, Amazon, and JioMart in India's increasingly competitive quick commerce sector.
As ET reported on May 19, top FMCG firms including HUL, Dabur, and Britannia posted Rs 4,400 crore in FY25 quick commerce sales—just 2–4% of total revenue.
HSBC Securities pegs India's quick commerce order value at $35–40 billion by FY26.
Also Read:
What's next:
Flipkart is shifting its domicile to India ahead of a planned IPO in 2026.
FY24 snapshot: Flipkart's revenue rose 21% to Rs 17,907 crore, while Myntra turned profitable, posting Rs 31 crore in net profit.
Razorpay completes reverse flip from US to India after MCA approval
Why it matters:
Catch up quick:
ETtech first reported Razorpay's flipback plan on May 9, 2023, when it began work on shifting its domicile.
The process required clearance from the Reserve Bank of India (RBI), followed by the MCA nod, which was granted recently.
In April, Razorpay's board also approved its conversion into a public limited company.
Zoom out:
Dream Sports (Dream11) was the first Indian startup to complete a reverse flip under the new fast-track route, as reported by ETtech in March 2025.
The updated cross-border rules permit a foreign holding company to merge with its Indian subsidiary without requiring NCLT clearance, thereby significantly reducing the timeline.
Flipkart's board approved a similar move in February 2025, aiming to shift its domicile to India as part of its IPO roadmap, as per another ETtech exclusive.
Groww completed its reverse flip in 2024 and has since filed confidentially with Sebi for an IPO.
By the numbers:
$180 billion in annual payment volume
Rs 2,500 crore in FY24 payments biz revenue
Rs 34 crore in net profit (payments unit)
Overall company still reports consolidated losses
What's next:
Also Read:
Elon Musk's timeline at DOGE: From ambitious reforms to abrupt exit
Musk's statement:
Why the long face:
While the reasons remain unclear, the move came a day after Musk publicly criticised Trump's 'big, beautiful bill.'
In a recent interview with The Washington Post, the Tesla CEO also voiced frustration over DOGE becoming a political scapegoat.
Earlier this month, Musk pledged to scale back his political spending, insisting that he'd 'done enough.'
Following a major outage on X, Musk said he will 'refocus' on his business.
DOGE controversies:
Agency downsizing: Shut down or hollowed out 11 agencies, attempted to dismantle the United States Agency for International Development (USAID) and the Consumer Financial Protection Bureau, and, as per Politico, terminated over 8,500 contracts and 10,000 grants.
Spending cuts:
AI could cut half of all entry-level white collar jobs: Anthropic CEO
Jobs bloodbath:
Not yet, but soon:
Also Read:
Ola Electric's troubles compounded with net loss increasing two-fold in the March quarter. This and more in today's ETtech Top 5.■ Razorpay's flip back■ Musk exits DOGE■ Anthropic CEO's jobs warningBhavish Aggarwal, CEO, Ola ElectricOla Electric's financial troubles deepened in Q4 FY25, with net losses doubling and revenue taking a steep fall, one of the sharpest since the company began delivering electric two-wheelers in late 2021.This marks one of the steepest quarterly revenue drops for the Bhavish Aggarwal-led firm. The company continues to face headwinds, from growing customer complaints to ongoing investigations by regulatory bodies. As ET reported on May 28 , Ola Electric is also losing ground in market share. In May, it slipped to third place in the electric two-wheeler segment as legacy companies TVS Motor and Bajaj Auto gained momentum.In the first 26 days of May, Ola Electric held a 20% market share with 15,221 vehicle registrations, down from 22.1% in April, according to government-run Vaahan portal data. TVS led with 25% while Bajaj followed closely at 22.6%.To steady operations and shore up capital, Ola Electric's board approved raising Rs 1,700 crore via non-convertible debentures and other debt instruments. This is its first fundraise activity since its IPO in August 2024.The company's stock closed at Rs 53.24 on Thursday, well below its issue price of Rs 76. Since its listing, the stock has dropped over 40%.Kathryn McLay, CEO, Walmart InternationalQuick commerce now makes up 20% of India's ecommerce market and is growing at 50% annually, Walmart International CEO Kathryn McLay said at the Bernstein Strategic Decisions Conference.Flipkart has received a Rs 2,225 crore ($260 million) cash infusion from its Singapore-based parent to scale up businesses like its quick commerce unit, Minutes.(L-R) Harshil Mathur, Shashank Kumar, cofounders, RazorpayRazorpay has completed the reverse flip of its parent entity from the US to India, following final approval from the Ministry of Corporate Affairs (MCA), ETtech has learnt.This marks a major milestone in the fintech unicorn's efforts to align with Indian regulations ahead of its planned IPO. The shift was enabled by new rules that allow eligible startups to skip National Company Law Tribunal (NCLT) clearance.Razorpay is targeting profitability by 2026 and intends to go public on Indian stock exchanges shortly after.Tech billionaire Elon Musk ended his brief and turbulent five-month stint at the Department of Government Efficiency (DOGE), President Donald Trump's flagship programme to slash federal costs.Posting on his social media platform X, Musk wrote: 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President@realDonaldTrump for the opportunity to reduce wasteful spending.'Musk's exit is as abrupt as it is low-key. Sources told Reuters that he has already begun transitioning out, with no direct conversation with Trump preceding the announcement.Under Musk, DOGE led major cost-cutting and restructuring efforts across the federal government:Slashed foreign aid, volunteer programmes, and education funding while centralising budget oversight.Dario Amodei, CEO, AnthropicAnthropic CEO Dario Amodei has raised concerns about an impending job extinction caused by artificial intelligence (AI), echoing fears shared by many.Amodei, who leads one of the world's largest AI companies, told Axios that significant job cuts could happen within five years, urging consumers and US lawmakers to get ready.He stated that the government and his peers in the AI industry are 'sugar-coating' the reality that mass job cuts will occur in entry-level white-collar roles across the technology, finance, law, and consulting sectors.According to the report, Anthropic research indicates that people have embraced AI in their work, seeing it as an assistant—something that will help them perform their jobs without fully replacing them.But Amodei warns that companies will increasingly rely on AI for automation in "as little as a couple of years or less."
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