HomeStartupOla Electric Clocks INR 1,242.7 Cr In Q1 FY24 Sales, Nearly 50%...

Ola Electric Clocks INR 1,242.7 Cr In Q1 FY24 Sales, Nearly 50% Of FY23 Revenue

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Ola advances plan for IPO as electric scooters take off in India, ET Auto
  1. Ola Electric incurred a loss of INR 268 Cr in Q1 FY24 despite reporting sales of INR 1,242.7 Cr during the same period.
  2. The startup spent INR 1,109.4 Cr for procurement in the first three months of FY24, contributing to a total expenditure of INR 1,460.7 Cr.
  3. Ola Electric Mobility, led by Bhavish Aggarwal, filed its draft red herring prospectus (DRHP) for an IPO aiming to raise INR 5,500 Cr through the issuance of new shares.
  4. Additionally, existing investors, including Agarwal himself, plan to participate in an offer-for-sale (OFS) component of the IPO, comprising over 10 Cr equity shares.
  5. In the first three months of FY24 (April, May, and June), Ola Electric reported sales of INR 1,242.7 Cr, nearly half of the revenue generated by the startup in FY23.
SourceINC 42

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