The Indian business Ola Electric Mobility Pvt. has grown at a breakneck rate since it began delivering electric scooters for sale in late 2021, sooner than its founder had originally anticipated.
The initial public offering (IPO) of Ola Electric Mobility is coming sooner than expected, according to Bhavish Aggarwal, founder and CEO of the firm. With a 38% market share, the Indian firm that started selling electric scooters in late 2021 has become the industry leader in India.
According to data from the Society of Manufacturers of Electric Vehicles, Ola, which is backed by SoftBank Group Corp. and Tiger Global Management, has sold more than 239,000 electric scooters since December 2021.
Aggarwal claimed that although the majority of Ola Electric’s customers are now devoted followers, the majority of the demand initially came from those buying scooters for the first time.
The business, which includes SoftBank Group Corp. and Tiger Global Management as investors, has a 38% market share and is now the industry leader for electric scooters in India. Data from the Society of Manufacturers of Electric Vehicles shows that since December 2021, it has sold more than 239,000 electric scooters.
While the majority of Ola Electric’s customers are already fully converted, the majority of the company’s customers initially originated from first-time scooter owners, according to 37-year-old Aggarwal, who was wearing a black Nehru jacket made popular by Jawaharlal Nehru, India’s first prime minister, and subsequently The Beatles.
Aggarwal wants to grow, and he has plans to introduce a motorbike by the end of this year and a battery-powered automobile in 2024, though those dates might change. According to Aggarwal, whose initial business, ANI Technologies Pvt., operates Ola ride-hailing operations, he also continues to examine exporting scooters to Southeast Asia, Latin America, and Europe. This idea was shelved because of the high domestic demand.
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In Mumbai, Ola Cabs made it as far as selecting banks for a $1 billion IPO, but it never took place. In an interview he delivered last week in Delhi, Aggarwal said that the company, which rivals Uber Technologies Inc., is “profitable for us now.” A timetable for a future Ola Electric IPO was not provided, nor did he address any potential new listing attempts.
Lithium-ion cells, principally for Ola Electric vehicles, as well as maybe energy storage and home energy solutions, would be produced at the plant. Aggarwal is building a 115-acre battery facility in southern India to compete with Mukesh Ambani’s Reliance Industries Ltd.
