India, Feb. 15 -- Once, Ola Electric was more than just a company. Cofounder and chief executive Bhavish Aggarwal promised not just electric scooters, but the 'end' of the internal combustion engine (ICE) age.

Backed by a so-called Future factory in Krishnagiri, Tamil Nadu, the EV maker helped create a category, introduced swathes of Indians to the idea of owning an electric scooter and dominated the sales charts for years.

However, the narrative seems to have hit a major snag. The recent Q3 FY26 numbers paint a picture of the electric two-wheeler giant in retreat - revenue cratered by more than half, market share continued to erode, and deliveries plummeted.

While the company's net losses did narrow marginally compared to last fiscal,...