Ola Electric Set to Launch Electric Auto-Rickshaw ‘Raahi’ This Month
- ByStartupStory | March 14, 2024
Ola Electric is set to introduce an electric auto-rickshaw named Raahi, anticipated to debut later this month, marking its foray into the commercial vehicle sector. The vehicle will be directly available for purchase by consumers, signaling Ola Electric’s strategic move towards expanding its product portfolio. According to reports by The Economic Times, Ola Electric has been meticulously developing the Raahi over the past few years as part of its broader commercial vehicle expansion strategy, aiming to rival established players such as Piaggio Ape e-city, Bajaj RE, and Mahindra Treo in the market.
“A person familiar with the matter revealed that Ola Electric is gearing up to make several announcements, including details about the gigafactory, in the coming months ahead of its planned IPO,” stated The Economic Times, hinting at Ola Electric’s comprehensive plans for expansion and development.
In December, Ola filed a draft red herring prospectus (DRHP) for its IPO, with aims to raise up to Rs 5,000 crore through a fresh issue, along with an offer for sale of 95.2 million shares. The introduction of the electric auto-rickshaw is expected to be a part of Ola Electric’s concerted efforts in the lead-up to its IPO.
Additionally, Ola announced significant price cuts for its S1 X+, S1 Air, and S1 Pro models in February, making them more accessible to consumers. “The flagship model, S1 Pro, has seen a reduction of Rs 17,500, bringing its price down to Rs 1,30,000 from the previous Rs 1,47,500,” highlighted the announcement, illustrating Ola’s commitment to enhancing affordability and competitiveness in the market.
In February alone, Ola registered approximately 35,000 units, securing its position as the leading two-wheeler manufacturer in the EV segment and achieving its highest-ever monthly sales. This substantial growth reflects Ola Electric’s strong performance and market dominance in the burgeoning electric vehicle industry.
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