Rastogi joins the company from real estate developer Puravankara, where he served as group finance chief. He replaces Harish Abichandani, who has been Ola Electric’s CFO since November 2023 and played a key role in steering the company through its high-profile stock market listing last year.
Under Abichandani’s tenure, Ola Electric made a blockbuster public debut in 2024, marking a major milestone for India’s fast-growing electric vehicle sector. However, the post-listing period has been challenging for the company, with sales momentum weakening amid a tougher market environment.
In November, Ola Electric revised down its revenue forecast for the 2026 fiscal year, citing softer demand and heightened competitive pressure. The company, which once commanded about 50 per cent of India’s electric scooter market, has since lost ground to established automakers such as Bajaj Auto and TVS Motor.
Rivals have gained market share by expanding their dealership networks and rolling out electric scooter models at comparable price points, intensifying the battle for customers in the mass market segment.
Rastogi’s appointment comes at a critical time for Ola Electric as it seeks to stabilise operations, regain market share, and reassure investors following its initial public offering. His experience in managing finances at a large, diversified group is expected to support the company’s efforts to navigate a more competitive landscape and recalibrate its growth strategy.