Ola’s triple-unicorn run gives way to execution stress

In 2024, Bhavish Aggarwal presided over a rare feat in Indian startups, running three unicorns in parallel. Krutrim, the group’s artificial intelligence venture, crossed a $1-billion valuation, Ola Electric Mobility Ltd. listed at a valuation of about $4.5 billion, and Ola Consumer, formerly Ola Cabs, was valued at around $2 billion. By the end of 2025, much of that optimism has dissipated as execution challenges have surfaced across all three businesses.