Ola Electric, led by Bhavish Aggarwal, officially changed its status to Ola Electric Mobility Limited, signaling a crucial step toward a potential stock market listing. This move, mandatory for companies eyeing an IPO, precedes the filing of a Draft Red Herring Prospectus (DRHP) with SEBI, the market regulator. Speculations in the industry suggest the IPO could range between $800 million to $1 billion.
The electric vehicle manufacturer recently raised INR 3,200 crore in a combined equity and debt funding round led by notable investors like Temasek and State Bank of India (SBI). Ola Electric plans to deploy these funds to expand its electric vehicle operations and establish India's first lithium-ion cell manufacturing plant in Krishnagiri, Tamil Nadu.
As the standalone electric vehicle arm of Ola, the ride-hailing giant, Ola Electric is backed by Japan's Softbank and holds a prominent position in the Indian e-scooter market. Despite facing controversies, Ola Electric witnessed an 18.6% month-on-month increase in e-scooter registrations, reaching 22,169 units in October, according to Vahan. The company competes with industry counterparts like TVS Motor, Ather Energy, Bajaj Auto, Hero MotoCorp, and Lectrix EV.
Bhavish Aggarwal outlined ambitious plans for Ola Electric in 2023 and 2024, including the launch of new two-wheeled EV products. These additions comprise a mass-market scooter, a mass-market motorcycle, and a range of high-end motorcycles spanning sports, cruising, adventure, and road bikes.
The electric vehicle manufacturer recently raised INR 3,200 crore in a combined equity and debt funding round led by notable investors like Temasek and State Bank of India (SBI). Ola Electric plans to deploy these funds to expand its electric vehicle operations and establish India's first lithium-ion cell manufacturing plant in Krishnagiri, Tamil Nadu.
As the standalone electric vehicle arm of Ola, the ride-hailing giant, Ola Electric is backed by Japan's Softbank and holds a prominent position in the Indian e-scooter market. Despite facing controversies, Ola Electric witnessed an 18.6% month-on-month increase in e-scooter registrations, reaching 22,169 units in October, according to Vahan. The company competes with industry counterparts like TVS Motor, Ather Energy, Bajaj Auto, Hero MotoCorp, and Lectrix EV.
Bhavish Aggarwal outlined ambitious plans for Ola Electric in 2023 and 2024, including the launch of new two-wheeled EV products. These additions comprise a mass-market scooter, a mass-market motorcycle, and a range of high-end motorcycles spanning sports, cruising, adventure, and road bikes.
No comments:
Post a Comment