Did Bhavish Aggarwal’s Ola Inflate February Car Sales? Company Clarifies

Electric mobility startup Ola Electric has issued a detailed clarification, pushing back against recent media reports that cast doubt on the accuracy of its February 2025 sales data. Addressing allegations that it included sales of models not yet available, the Bhavish Aggarwal-led company asserted that its figures were based entirely on paid and confirmed orders, not speculative or token bookings.

In a statement filed with the stock exchanges, Ola Electric explained that its reported sales for the month included customer orders for the Gen 3 and Roadster X—both of which were open for full purchase during February. The company emphasized that nearly 90% of these orders were paid in full at the time of placement, making it clear that these were genuine transactions, not symbolic pre-bookings.

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The company also responded to concerns about the absence of matching registration data on the VAHAN portal. It attributed this to an internal transition in its registration process, part of a larger operational overhaul aimed at boosting efficiency. Ola stressed that this shift should not be misconstrued as a disruption in sales or deliveries.

“The sales figures represent genuine customer demand backed by financial commitment,” the company stated. “Vehicle deliveries follow confirmed orders with full payment—this is in line with industry-wide practices.”

Ola further clarified that it only recognizes revenue upon the registration and delivery of vehicles, adhering to standard accounting principles.

The company’s direct-to-consumer, tech-driven sales model has often challenged legacy dealership structures, drawing scrutiny along the way. However, Ola reiterated its commitment to transparency and its business ethos.

“We urge all stakeholders, including media platforms, to avoid contributing to the spread of unsubstantiated claims,” the company said. “Our model has upended traditional automotive distribution practices, and we remain committed to working with integrity despite facing unwarranted criticism.”

Ola’s clarification comes amid heightened attention ahead of its anticipated IPO and growing competition in the Indian EV market.