Bhavish Aggarwal hopes for Ola Electric’s turnaround with Shakti home battery storage

Ola Electric Mobility Ltd.’s blockbuster initial stock offering last year had investors clamoring to buy over four times the number of shares publicly available. Now, it’s struggling to find backers despite a new bet on home battery storage.

Beset with shrinking market share, relentless cash burn and a nearly 53% plunge in share price this year, the SoftBank Group Corp.-backed electric scooter maker has been turned down by multiple financiers in recent months, said people familiar with the matter who did not want to be identified as the discussions were private. Talks with some investors are ongoing, they added.