Ola Electric Could Soon Bring IPO, Plan to Present Electric Car Next Year

Ola Electric, one of the big companies in the electric two-wheeler market, plans to launch an Initial Public Offer (IPO) soon. The company started selling electric scooters about two years ago and has grown to the number one position with a market share of 38 per cent.

Founder and Chief of the company, Bhavish Aggarwal Bloomberg “I had estimated it to take four to six years to list on the stock market. It may be much earlier now. Ola Electric has grown faster than my initial plan and the market response has been very strong,” he told PTI. The company has received funding from large investors such as Japan’s SoftBank Group. According to data from the Society of Manufacturers of Electric Vehicles, Ola Electric has sold over 2.39 lakh electric scooters since inception. Ola Electric plans to launch a motorcycle by the end of this year and an electric car next year. Aggarwal said that he is also considering exporting scooters to Southeast Asia, Latin America and Europe. The plan has been delayed as the demand for the company’s electric scooters has increased rapidly in the country.

in south india Ola Electric A factory to make lithium-ion cells is also being set up. With this, the battery requirement of the company’s electric vehicles will be met. Agarwal said that manufacturing of EV components will enable Ola Electric to sell electric cars in larger numbers and increase margins.

Earlier this month, Ola Electric started testing the electric scooter S1 Air. The company has confirmed to start test rides and deliveries of the S1 Air this month. Bookings have started for this. It is expected to have a range of 165 km on a single charge and a top speed of 85 kmph. Ola Electric shared a video on Twitter in which the S1 Air is being tested. In this, riders can be seen racing on their electric scooters. The price of S1 Air can be from Rs 84,999 to around Rs 1,09,000 (ex-showroom). It will be made available in five dual tone colors – Coral Glam, Neo Mint, Porcelain White, Jet Black and Liquid Silver.