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Its business in a rut, the Bhavish Aggarwal-led firm has burnt through over Rs 1,000 crore in the first six months of the current fiscal. A fundraise is now critical.

Shared rides seemed tailor-made for India’s congested cities. Yet, economics, trust and regulation kept the idea from scaling.
While its peers headed for the exit, the fund house doubled down on the falling stock. The contrarian call now looks expensive—and risky.
The company’s two-wheeler sales are evaporating. But its founder is reframing it as a necessary step to achieve profitability. All while trying to pivot towards becoming a company that sells lithium-ion cells instead of automobiles.