The company, including its Material Subsidiaries, Ola Electric Technologies Private Limited ("OET") and Ola Cell Technologies Private Limited ("OCT"), have incurred losses and negative cash flows from operations since inception.

The company has a limited operating history in manufacturing EVs. There is no assurance that the company will be cost effective in its operations or profitable in the future, whether at the holding company level or at the subsidiary level.

The company has heavily invested in and plan to continue investing in research and development ("R&D") and technology. There is no assurance that its will realise returns on such investments.

The company could experience disruptions in the supply or an increase in prices of components and raw materials used in the manufacture of its electric vehicles, which could result in an increase in the price of its electric vehicles and impact the company projected manufacturing and delivery timelines.

Any reduction or elimination of government incentives or the ineligibility of any of its electric vehicles for such incentives would increase the retail price of the company electric vehicles and could adversely affect customer demand for its electric vehicles and affect the company ability to achieve profitability.

The company could experience supply constraints, increased prices and quality issues in the supply of raw materials used in cell manufacturing, which could adversely affect cell manufacturing at its Ola Gigafactory and the quality of the cells produced therefrom.

The company design and develop certain core electric vehicle components in-house and procure certain electric vehicle components from foreign and domestic suppliers. If its electric vehicles, electric vehicle components or raw materials used in the manufacture of the company's electric vehicles contain defects or have quality issues, or if its electric vehicles does not perform as per industry standards and/or fail to meet the performance levels advertised, its brand, reputation and ability to develop, market and sell its electric vehicles could be adversely impacted.

If the company vehicles become ineligible for the EMPS 2024 subsidy its may become less competitive due to higher product pricing (without the subsidies), potentially impacting its business and financial performance.

If the company is unable to claim government incentives under the PLI Schemes or the PLI Schemes are discontinued, its may become less competitive due to higher product pricing (without the subsidies), potentially impacting its business, profitability and financial performance.

The company intend to utilize Rs. 16,000 million out of the Net Proceeds for investment into research and development purposes of the Company, which constitutes a significant portion of the Net Proceeds which the company propose to raise pursuant to the Offer. Its cannot assure you that such investment into research and development will proceed as planned and result in creation of tangible assets or achieve results as anticipated.