There was a article recently in Themorningcontext on this IPO. To summarise, the assignment highlighted five things- 1. Lack of further models or prototypes, their car team has been dissolved and no further models have been developed. Quality control issues have been common.
2. High attrition (50%) leads to drag in operations.
3. Promoter has been spending more time on Krutrim. This can be seen playing similar to how he left Ola cabs when it was in prime and not has been relegated to second place in India.
4. The company still sells its scooters for loss. The haven’t been able to raise much funding and this going through the IPO route.
5. Competition from established auto companies.
I don’t believe there is any particular upside in the company, unless they do some solid research, have a good team and bring an excellent product to market. Companies like Bajaj, TVS and Honda will eat their market share with their brand value, network and customer service.