The company hopes to raise between $700 million and $800 million at a valuation of $7-8 billion in order to go public by the end of the 2024 fiscal year. Leading financial firms, such as Goldman Sachs, Bank of America, Citibank, and Kotak Mahindra Bank, will oversee the IPO, which will include offers for sale by some current investors and new equity. Leading investors including Singapore’s Temasek and Japan’s SoftBank support Ola Electric.
Early in 2024, Ola Electric plans to begin operations at its gigafactory in Tamil Nadu, where it has funded Rs 3,200 crore primarily for the development of its EV manufacturing and battery units. Ola Electric’s environmental decarbonization objective depends on this facility.
Ola Electric, which leads the electric two-wheeler market in India, posted a net loss of Rs 1,472 crore for FY23, despite a notable growth in its consolidated revenue. Under Bhavish Aggarwal’s direction, the business has evolved from a taxi aggregator to a leading manufacturer of electric vehicles. Ola has experienced a significant surge in production and sales since introducing its first electric scooter in 2021. Models such as the Ola S1X, S1 Pro, and S1 Air are available.
But the business is having trouble with safety issues; 1,441 automobiles have been voluntarily recalled, and customers have been reporting problems on social media. Ola Electric is still a major force in the Indian EV market in spite of these obstacles.
