Mahesh Babu, Former Switch Mobility CEO, Moves to Olectra Greentech as MD

Olectra, one of the top three electric busmakers in India has appointed the former Mahindra Electric, Switch Mobility CEO to lead the EV-maker’s next growth phase as the e-bus segment in India is poised to see higher demand, ACKO Drive has learnt.

Olectra Greentech, one of India’s leading electric bus makers, has roped in Mahesh Babu as its new Managing Director. According to sources, the auto industry veteran joins the Hyderabad-based company today. His appointment comes at a time when India’s electric bus industry is poised for a healthier growth trajectory, powered mainly by Government schemes like PM-eBus Sewa, and PM E-Drive.

In a notification to the stock exchange, Olectra Greentech says Babu has been appointed as an Additional Director, and Managing Director of the company, with effect from 27th September.

In his most recent stint, Babu was at the helm of affairs at another electric commercial vehicle maker Switch Mobility as its CEO. During this stint, he led the team at the Ashok Leyland-owned EV maker in launching India’s first electric double decker bus, and also in venturing into the small electric truck segment. During his tenure Switch Mobility rose to podium position in the Indian electric bus market. During the first half of the calendar year, Switch Mobility is reportedly in the number two position.  

Babu’s journey in the electric vehicle industry started in January 2015 with a stint as COO of Mahindra Electric, the EV business of the Mahindra Group, which he joined as VP- Product Development in 1998. Babu started his career in March 1990, with a 8 and a half year stint at commercial vehicle major Ashok Leyland.

e-Bus market poised for a better journey

India saw over 3,600 registrations of electric buses during 2024, translating to around 6% of the overall bus market. For the first half of the current year, the domestic electric bus market recorded sales of 2,100 units, according to a sustainable-bus.com report. Olectra reportedly stood at number 3 position with a market share of 17.6%. PMI Electro Mobility led the e-bus pack, and Switch Mobility was the second largest player during the first half of the current calendar year.

E-bus makers are preparing for a better ride as the electrification trend makes progress in the bus industry. Government schemes like PM-ebus Sewa and PM E-Drive are primarily expected to fuel the growth of e-buses in India, at least for the next couple of years. The PM-ebus Sewa envisages deployment of 10,000 e-buses in cities across India. The PM E-Drive scheme, launched in 2024 to promote electric mobility in India, has earmarked ₹ 4,391 crore for e-buses, out of a total outlay of ₹ 10,000 crore.

Currently, intracity buses, with STUs as the lead customers, are leading the electrification trend in the bus industry. The inter-city bus segment is also getting electrified gradually, and some e-bus makers are also targeting the school bus market to tap with their EVs.