Bhavish Aggarwal, Founder and CEO of Ola Electric Mobility said that the company is in line for an initial public offering (IPO) sooner than he imagined, as per news reports
Ola Electric is targeting IPO roadshows for early January or February, said one of the sources, according to a leading news wire.
The Indian startup began selling electric scooters in late 2021 and has emerged as the leader in India’s electric scooter market with a 38 per cent share.
Ola, backed by SoftBank Group Corp. and Tiger Global Management, has sold more than 239,000 electric scooters since December 2021, according to data from the Society of Manufacturers of Electric Vehicles.
Aggarwal said that while the demand initially came from first-time scooter buyers, most of Ola Electric’s customers now are already fully-fledged converts.