Bhavish Aggarwal, the founder and CEO of Ola Electric Mobility Pvt., has announced that the company’s initial public offering (IPO) is on track to happen sooner than expected. Ola, which is backed by SoftBank Group Corp. and Tiger Global Management, has already sold over 239,000 electric scooters since December 2021 and holds a 38% share of the Indian electric scooter market. Aggarwal stated that the company grew and matured faster than anticipated due to the strong market response. Ola Electric has plans to expand its offerings, with a motorbike set to be launched by the end of this year and a battery-powered car in 2024. Aggarwal is also considering exporting scooters to Southeast Asia, Latin America, and Europe. The company is currently building a 115-acre battery factory in Tamil Nadu, which will be one of the largest and most advanced cell manufacturing facilities in India. The in-house manufacturing of EV components will enable Ola Electric to sell cars on a larger scale while increasing margins. Aggarwal emphasized that designing vehicles from scratch gives the company more control over quality and costs.
Ola Electric’s IPO Plans Presented by Bhavish Aggarwal; Company’s Growth and Maturation Outpace Expectations
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