- Ola Electric, the EV arm of Ola, has shifted from a private to a publicly listed entity, preparing for a potential public listing, with a name change to Ola Electric Mobility Limited.
- It aims for a public listing in 2024 and claims a significant 35% market share in India’s electric two-wheeler market, operating the largest factory in Krishnagiri, Tamil Nadu.
- The company commenced the construction of a 5 GWh lithium-cell manufacturing plant and raised Rs 3,200 crore in funding to expand its ‘Gigafactory’ with the support of investors like Temasek and State Bank of India.
- Despite reporting a consolidated loss of Rs 784.15 crore in FY22, Ola Electric’s income surged to Rs 456.26 crore, mainly driven by e-scooter sales, having sold around 1.5 lakh scooters during that period.
- Bhavish Aggarwal, Ola Electric’s CEO, holds the majority shares (36.6%), followed by SoftBank (23.6%) and Tiger Global (6.29%), while the company faces competition from Ather Energy in the electric two-wheeler segment amid challenges of subsidy cuts impacting pricing.