Ola Electric Mobility Pvt has experienced remarkable growth ever since the launch of electronic scooters in India. It is now gearing up for an initial public offering (IPO) much sooner than anticipated by its founder and CEO, Bhavish Aggarwal. The Indian startup introduced electric scooters in 2021 and initially expected an IPO plan within four to six years.
However, speaking in an interview with Bloomberg, Aggarwal expressed that the IPO timeline may be significantly earlier than he had envisioned, as Ola Electric has grown and matured faster than anticipated due to the strong market response. With investors such as SoftBank Group Corp and Tiger Global Management holding a combined 38% stake, the company has emerged as a leader in India’s electric scooter market. According to data from the Society of Manufacturers of Electric Vehicles, Ola Electric has sold over 239,000 electric scooters since December 2021.
Aggarwal revealed that while the initial demand came from first-time scooter buyers, many of Ola Electric’s customers have become enthusiastic advocates of electric scooters. Furthermore, he has ambitious plans to expand the electric mobility portfolio by introducing motorbikes by year-end and a battery-powered car by next year, although timelines may be subject to change.
In addition to domestic growth, Ola Electric is considering exporting scooters to Southeast Asia, Europe, and Latin America. This plan was put on hold due to strong demand within India.
While addressing Tesla’s possible entry into the Indian market, Aggarwal stated, “Tesla is for the west, Ola is for the rest.” Ola Electric is also constructing a 115-acre battery factory in southern India, which will facilitate the production of lithium-ion cells primarily for Ola Electric vehicles.
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