Ola and Ola Electric Set to Go Public in 2024, Says Bhavish Aggarwal
- ByStartupStory | September 21, 2023
During the 14th edition of TechSparks Bengaluru, Ola’s Founder and CEO, Bhavish Aggarwal, announced that both Ola and Ola Electric are considering initial public offerings (IPOs) by the next year. In a fireside chat with YourStory Founder and CEO Shradha Sharma, Aggarwal emphasized Ola Electric’s rapid growth and maturation in terms of its business model.
Ola Electric’s IPO plans are reportedly taking shape, with expectations of filing the draft red herring prospectus (DRHP) in October. The electric vehicle (EV) manufacturer aims to raise approximately $700 million (approximately Rs 5,815 crore) through the public listing.
Notably, Ola Electric maintains a dominant position in the EV two-wheeler segment, with a market share of approximately 29% as of August this year. During this period, the company achieved sales of 1.6 lakh units out of the total 5.5 lakh units sold by the industry. Ola Electric has also garnered significant interest, with over 75,000 bookings for its refreshed S1 range of scooters.
The company’s key shareholders include Temasek, SoftBank, Tiger Global Management, Edelweiss, Matrix Partners India, Kia Motors, and Alpha Wave Investors. In September, Ola Electric secured $140 million (approximately Rs 16 million) in funding from existing investors, including Temasek, with Temasek Holdings contributing approximately $90 million. Despite revenue growth, Ola Electric’s consolidated loss for the fiscal year 2022 widened compared to the previous year due to increasing expenses.
Parent company ANI Technologies also reported a wider loss for the fiscal year ending in March 2022, despite nearly doubling its revenue.
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