The electric vehicle manufacturing arm of mobility company, Ola Electric, has converted itself from a private company to a publicly listed entity in preparation for a public listing.
The EV manufacturer was founded in 2017 and has changed its name to Ola Electric from Ola Electric Mobility, as per regulatory filings.
The electric two-wheeler manufacturer Ola Electric plans to go public by the end of 2023. It claims to have a 35 per cent market share of electric two-wheelers in India and operate the largest two-wheeler factory in Tamil Nadu. Furthermore, it is also building a lithium-cell manufacturing plant.
Ola Electric recently raised Rs 3,200 crore in funding from Temasek and State Bank of India. The company said that it would be using this investment to expand their ‘Gigafactory’ and are considering setting up a four-wheeler factory as well. As of September 2023, Ola Electric is valued at USD 5.4 billion but reported a loss of Rs 784.15 crore in FY22. Their revenue increased by 4.2 times to Rs 456.26 crore, mainly due to the sale of their e-scooters.
Bhavish Aggarwal, the founder and CEO of Ola Electric, is the majority shareholder with 36.6 per cent shares in the company. Other major shareholders include SoftBank and Tiger Global.
Ola Electric’s main competitor in the two-wheeler segment is Ather Energy. The government’s reduction in FAME II subsidy has forced electric scooter makers, including Ola Electric, to raise their prices.
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