Ola’s triple-unicorn ride runs into speed bumps

IN 2024, BHAVISH AGGARWAL presided over a rare feat in Indian startups—running three unicorns in parallel.

- NARAYANAN V

Krutrim, the group's AI venture, crossed a $1-billion valuation, Ola Electric listed at a valuation of about $4.5 billion, and Ola Consumer, formerly Ola Cabs, was valued at around $ 2 billion. By the end of 2025, much of that optimism dissipated with all the three businesses facing execution challenges.

At the core of the stress is Aggarwal's attempt to scale capital-intensive manufacturing, a cash-burning ride-hailing platform and an ambitious AI programme simultaneously. The breadth of that push has strained management bandwidth and capital allocation, leaving each vertical grappling with delays, strategic pivots and rising investor scrutiny.