Archive · 29 Aug 2026
Ola Electric Secures ₹95.81 Crore Auto PLI Incentive
Ola Electric makes electric scooters.
The Indian government approved a payment of ₹95.81 crore for the company under an auto industry incentive program.
IFCI Ltd.
will handle the payment.
This is additional support after Ola Electric received other payments for earlier financial years.
The company still lost ₹336 crore in the latest quarter.
Its revenue also fell compared with the same period last year.
Ola Electric recently showed a new scooter called the S1Z.
The scooter costs ₹79,999 at launch and deliveries are expected to begin in December 2026.
Ola Electric Mobility received a ₹95.81-crore PLI incentive sanction from the Ministry of Heavy Industries.
The approved amount covers the FY27 demand incentive component and will be released through IFCI Ltd.
The company previously received ₹367 crore for FY25 and ₹73.74 crore for FY24 under the scheme.
Ola Electric’s Q1 FY27 net loss narrowed to ₹336 crore, while revenue fell 45% year-on-year to ₹455 crore.
The company unveiled the S1Z electric scooter at an introductory price of ₹79,999, with deliveries expected from December 2026.
- Who
- Ola Electric Mobility, the Ministry of Heavy Industries, and IFCI Ltd.
- What
- Ola Electric received approval for a ₹95.81-crore incentive under the Production Linked Incentive scheme for automobiles and auto components.
- When
- The sanction was reported on Friday and relates to FY27.
- Where
- The company is based in Bengaluru; the shares traded on the NSE.
- Why
- The incentive was approved under the scheme’s FY27 demand incentive component.
- Approved incentive
- ₹95.81 crore
- Government scheme
- Production Linked Incentive scheme for automobiles and auto components
- Payment agency
- IFCI Ltd.
- Earlier PLI receipts
- ₹367 crore for FY25 and ₹73.74 crore for FY24
- Q1 FY27 net loss
- ₹336 crore, compared with ₹426 crore a year earlier
- Q1 FY27 revenue
- ₹455 crore, down 45% year-on-year from ₹828 crore
- S1Z scooter
- Introductory price of ₹79,999; deliveries expected in December 2026