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How Ather powered past Ola; Apple's first foldable iPhone
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Ather Energy has surpassed Ola Electric in sales and other metrics. This and more in today’s ETtech Top 5.
Also in the letter:
■ Habuild triples revenues
■ Swish raises $24 million
■ West Bengal wants more data centres
Ola Electric CEO Bhavish Aggarwal (L) and Ather Energy CEO Tarun Mehta (R)
Ather Energy and Ola Electric have had very different trajectories in India’s electric two-wheeler market, which is now reflected in their sales, market share, and stock price.
The numbers: Ather’s average monthly sales rose to around 29,000 units in the first five months of this fiscal from 18,400 in the first half of fiscal 2026. On the other hand, Ola’s average monthly sales fell to about 13,800 units from 18,000. At its peak in 2024, Ola Electric sold 33,974 units a month.
Ather’s market share rose to 16.8% in the June quarter from 14.2% last year, while its revenue jumped 89% to Rs 1,216.9 crore.
Why it matters: Hero MotoCorp has bought stake in Ather Energy twice in the last two months, and that too at a stock price that’s nearly six times its May 2025 listing price.
Meanwhile, Ola Electric has seen its shares fall to around half their August 2024 IPO price. Investors have either reduced their stake or exited.
What went wrong: Experts believe that Ather’s focus on better product design and quality helped the company earn customer trust, while Ola Electric has seen many complaints over repair delays, spare-parts shortages, software problems, and customer service.
Quote, unquote: "Ather has the right design and engineering ethos, spending ample time and effort on the development of any product," said Deepesh Rathore, founder and head of research at Insight EV.
(L-R) Saurabh and Trishala Bothra with Anshul Agrawal
Digital wellness platform Habuild, which started out offering free yoga sessions during Covid, has established a profitable business based largely on repeat subscriptions and expanded into strength training, nutrition, and AI-led meal planning, chief executive Saurabh Bothra told us.
Tell me more: Founded by Saurabh and Trishala Bothra along with Anshul Agrawal in 2020, the platform has 690,000 active users and sees 50-55% repeat subscriptions among its annual members.
Habuild won the Bootstrap Champ title at the ET Startup Awards 2026 for achieving sustainable growth without excessive marketing spend.
Quote, unquote: “While our subscriber renewals are at 50–55%, we also have an attendance of around 70%. Achieving this kind of attendance for online yoga classes isn't easy. When people genuinely get a lot of value from the programme, it drives word of mouth, retention, willingness to subscribe, and renewals,” he said.
Financials: Habuild clocked revenues of Rs 112 crore in FY25, more than tripling from Rs 36 crore in FY24. Its net profit rose 237% on-year to Rs 57 crore in FY25, from Rs 16.9 crore in FY24.
The new iPhone Duo launched on Wednesday
Apple Inc. on Wednesday unveiled a new range of products led by its maiden foldable phone called the iPhone Duo. The company also announced the release of iPhone 18, 18 Pro, and 18 Pro Max, along with Apple Watch Series 12, Apple Watch Ultra 4, and Airpods 5.
The biggest launch: Apple iPhone Duo is probably the most anticipated product launch of the year and its unveiling made headlines across the world. The foldable phone has been launched at a starting price of Rs 2,99,900 in India.
The phone has a 7.6-inch internal display when unfolded and a 5.4-inch outer display when folded. It has a A20 Pro chip and titanium body, and will be available in India from October 23.
(L-R) Swish founders Aniket Shah, Ujjwal Sukheja and Saran S
Ten-minute food delivery startup Swish has raised $24 million as competition heats up in this segment.
More on the round: The funding was led by Bertelsmann India Investments (BII), with existing investors Accel, Bain Capital Ventures, and Hara Global also taking part. The company told ET that it will use the fresh capital to expand its kitchen network, supply chain, and other operations.
What’s their model: Unlike other food delivery apps like Zomato and Swiggy, Swish operates its own kitchens and prepares its own food.
The numbers: Swish claims that its monthly orders have now crossed the one million mark and tripled since March. Swish currently operates across 50 pincodes in Bengaluru and Gurgaon, and has 250 items on the menu across 20 categories. The startup has raised $62 million so far.
Why it matters: Swish is competing with long-time players like Zomato and Swiggy. Both these companies operated their own kitchens till recently. While Swiggy has shut down its Snacc services, Zomato continues to operate Bistro with a measured approach to expansion.
The West Bengal government is considering allocating unused land in 18 industrial parks for data centres. Officials told ET that land parcels owned by the West Bengal Industrial Development Corporation (WBIDC) that have not been utilised may be given to data centres.
Why it matters: India’s data centre capacity is expected to triple by 2029, rising from 1.6 to 6 GW. Currently, 75% of the capacity is spread across states like Maharashtra, Karnataka, Tamil Nadu, Telangana, and Uttar Pradesh.
The plan: West Bengal wants to capitalise on the projected growth of data centres in India and make itself a hub of this activity, which is expected to bring in large investments. The state has also announced special benefits for data centres, including faster clearances.
Quote, unquote: “Artificial intelligence (AI) data centres require large contiguous land parcels and dedicated power supply. These, as well as other infrastructure, are already available at certain existing industrial parks. Parks where land demand from industry has been intermittent may be selected,” said an official.
West Bengal currently operates 11 data centres and is ranked sixth in India in terms of capacity.
Also in the letter:
■ Habuild triples revenues
■ Swish raises $24 million
■ West Bengal wants more data centres
Ather gains ground as Ola Electric loses its way
Ather Energy and Ola Electric have had very different trajectories in India’s electric two-wheeler market, which is now reflected in their sales, market share, and stock price.
The numbers: Ather’s average monthly sales rose to around 29,000 units in the first five months of this fiscal from 18,400 in the first half of fiscal 2026. On the other hand, Ola’s average monthly sales fell to about 13,800 units from 18,000. At its peak in 2024, Ola Electric sold 33,974 units a month.
Ather’s market share rose to 16.8% in the June quarter from 14.2% last year, while its revenue jumped 89% to Rs 1,216.9 crore.
Why it matters: Hero MotoCorp has bought stake in Ather Energy twice in the last two months, and that too at a stock price that’s nearly six times its May 2025 listing price.
Meanwhile, Ola Electric has seen its shares fall to around half their August 2024 IPO price. Investors have either reduced their stake or exited.
Quote, unquote: "Ather has the right design and engineering ethos, spending ample time and effort on the development of any product," said Deepesh Rathore, founder and head of research at Insight EV.
ET Startup Awards 2026: Habuild leans on repeat users to expand beyond yoga into strength training, nutrition
Digital wellness platform Habuild, which started out offering free yoga sessions during Covid, has established a profitable business based largely on repeat subscriptions and expanded into strength training, nutrition, and AI-led meal planning, chief executive Saurabh Bothra told us.
Tell me more: Founded by Saurabh and Trishala Bothra along with Anshul Agrawal in 2020, the platform has 690,000 active users and sees 50-55% repeat subscriptions among its annual members.
Habuild won the Bootstrap Champ title at the ET Startup Awards 2026 for achieving sustainable growth without excessive marketing spend.
Quote, unquote: “While our subscriber renewals are at 50–55%, we also have an attendance of around 70%. Achieving this kind of attendance for online yoga classes isn't easy. When people genuinely get a lot of value from the programme, it drives word of mouth, retention, willingness to subscribe, and renewals,” he said.
Financials: Habuild clocked revenues of Rs 112 crore in FY25, more than tripling from Rs 36 crore in FY24. Its net profit rose 237% on-year to Rs 57 crore in FY25, from Rs 16.9 crore in FY24.
All that Apple launched at its latest event
Apple Inc. on Wednesday unveiled a new range of products led by its maiden foldable phone called the iPhone Duo. The company also announced the release of iPhone 18, 18 Pro, and 18 Pro Max, along with Apple Watch Series 12, Apple Watch Ultra 4, and Airpods 5.
The biggest launch: Apple iPhone Duo is probably the most anticipated product launch of the year and its unveiling made headlines across the world. The foldable phone has been launched at a starting price of Rs 2,99,900 in India.
The phone has a 7.6-inch internal display when unfolded and a 5.4-inch outer display when folded. It has a A20 Pro chip and titanium body, and will be available in India from October 23.
- The iPhone 18 Pro and Pro Max will start selling in India at Rs 1,64,900 and Rs 1,79,900, respectively. Both models feature the new A20 Pro chip and aluminium unibody. They will go on sale in India from September 18.
- Apple Watch Series 12 starts at Rs 56,900, while Apple Watch Ultra 4 starts at Rs 1,09,900. Both come with a new Health Sensing System and a readiness score.
- The new AirPods start at Rs 14,900. The version with a wireless charging case costs Rs 17,900 in India.
Swish raises $24 million to scale 10-minute food delivery
Ten-minute food delivery startup Swish has raised $24 million as competition heats up in this segment.
More on the round: The funding was led by Bertelsmann India Investments (BII), with existing investors Accel, Bain Capital Ventures, and Hara Global also taking part. The company told ET that it will use the fresh capital to expand its kitchen network, supply chain, and other operations.
What’s their model: Unlike other food delivery apps like Zomato and Swiggy, Swish operates its own kitchens and prepares its own food.
The numbers: Swish claims that its monthly orders have now crossed the one million mark and tripled since March. Swish currently operates across 50 pincodes in Bengaluru and Gurgaon, and has 250 items on the menu across 20 categories. The startup has raised $62 million so far.
Why it matters: Swish is competing with long-time players like Zomato and Swiggy. Both these companies operated their own kitchens till recently. While Swiggy has shut down its Snacc services, Zomato continues to operate Bistro with a measured approach to expansion.
West Bengal wants to allocate more space for data centres
The West Bengal government is considering allocating unused land in 18 industrial parks for data centres. Officials told ET that land parcels owned by the West Bengal Industrial Development Corporation (WBIDC) that have not been utilised may be given to data centres.
Why it matters: India’s data centre capacity is expected to triple by 2029, rising from 1.6 to 6 GW. Currently, 75% of the capacity is spread across states like Maharashtra, Karnataka, Tamil Nadu, Telangana, and Uttar Pradesh.
The plan: West Bengal wants to capitalise on the projected growth of data centres in India and make itself a hub of this activity, which is expected to bring in large investments. The state has also announced special benefits for data centres, including faster clearances.
Quote, unquote: “Artificial intelligence (AI) data centres require large contiguous land parcels and dedicated power supply. These, as well as other infrastructure, are already available at certain existing industrial parks. Parks where land demand from industry has been intermittent may be selected,” said an official.
West Bengal currently operates 11 data centres and is ranked sixth in India in terms of capacity.
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