Ola Electric has sold over 2.39 lakh electric scooters since December 2021.
Bhavish Aggarwal said that he was expecting four to six years of revenue for the company’s IPO plans.
Ever since the launch of electric scooters in India, Ola Electric Mobility Pvt has seen rapid growth and now is in line for an initial public offering (IPO) sooner than the founder and chief executive officer of the company, Bhavish Aggarwal, imagined. The Indian startup firm introduced electric scooters in 2021. The CEO of the company said that he was expecting four to six years of revenue for the company’s IPO plans.
In an interview with Bloomberg, Bhavish Aggarwal said, “Now I can feel that it will be much earlier. Ola Electric has grown and matured faster than I had initially planned because the market response has been very strong.”
The company investors also including SoftBank Group Crop and Tiger Global Management are holding a share of 38 per cent which has made them leaders in India’s electric scooter market. According to data from the Society of Manufactures of Electric Vehicles, Ola Electric has sold more than 2,39,000 electric scooters since December 2021.
The initial demand came from first-time scooter buyers and most of Ola Electric’s customers are now fully-fledged converts, the Ola Electric owner informed during the interaction. He also has an ambitious plan to expand the electric mobile by introducing motorbikes by the end of the year and by next year, a battery-powered car, though the timelines may change.
The Ola Electric founder also informed that he is considering exporting scooters into Southeast Asia, Europe and Latin America, a proposition that got stopped because demand in India was strong.
According to the report by Bloomberg in August 2021, Ola Cabs got selecting banks for a $1 billion IPO in Mumbai but it never materialised. The founder of Ola also mentioned that the company for them now is a profitable business. He didn’t speak about any renewed attempts to list nor opened about the possible date of the opening of the Ola Electric IPO.
Amid the talks of Tesla and its entry into India to set up its factory here, Ola Electric CEO said, “Tesla is for the west, Ola is for the rest.” The company is also building a 115-acre battery factory in southern India which will help it to manufacture lithium-ion cells primarily for Ola Electric vehicles.
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