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Despite reducing total losses, the electric scooter maker is losing double the money for every rupee it earns. Collapsing sales, shrinking market share and mounting cash pressure expose its vulnerabilities.

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.
Who’s going to lead the IPO party, what’s going to drive the market, where are some of the leading businesses headed, and more.
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.