On December 23, 2023, Ola Electric, a Bengaluru-based electric two-wheeler manufacturer, officially entered a draft red herring prospectus (DRHP) with capital market regulator SEBI to raise funds via initial public offering (IPO) route. According to the latest information, Ola Electric IPO issue of equity shares up to ₹5,500 crore and an offer for sale (OFS) of 95,191,195 equity shares by existing shareholders at a face value of ₹10 each.
The company has reserved 75% of the issue for qualified institutional buyers, 15% for non-institutional bidders, and the remaining 10% for retail investors. As per the DRHP, the fund raised from the fresh issue will be used for capital expenditure to be incurred by the subsidiary, OCT for the Ola Gigafactory project, repayment of indebtedness incurred by subsidiary, OET.
In terms of history, in 2017, Ola Electric was established and Bhavish Aggarwal led the company and gained success. The company manufactures EVs and core EV components such as battery packs and motors at Ola Futurefactory, its manufacturing facility in Krishnagiri.
According to the Redseer Report mentioned in the DRHP, in fiscal 2023, the company topped the charts among Indian incorporated electric 2-wheelers (E2Ws) and original equipment manufacturers (OEMs) in terms of revenue from E2W sales. For now, India is the second largest two-wheeler market globally and electric two-wheelers (E2Ws) are projected to account for 41-56% of the domestic 2W sales volumes by fiscal 2028. In 2023, Ola Electric's revenue was Rs. 2,630.93 crore, rising more than seven times from ₹373.42 crore a year ago. For the three months ended June 30, 2023, revenue from operations was at ₹ 1,242.75 crore.
Latest Ola Electric Scooters
The company has recently launched new EV scooter models, the Ola S1 X (2 kWh) and Ola S1 X (3 kWh) and Ola S1 X+. It started delivering Ola S1 X+ in December 2023. It plans to start delivery of the Ola S1 X (2 kWh) and the Ola S1 X (3 kWh) by the first half of the 2025.
IPO Dates
In December 2023, Ola Electric has not announced the opening and closing dates for the IPO subscription yet in its DRHP. Reportedly, the company is planning to open it public in early 2024 also the offer price is yet to be known.
Business Model
The business model depends on three key scalable platforms - R&D and technology platform, a manufacturing and supply chain platform, and a D2C omnichannel distribution platform.
Total Models
Ola Electric's first EV model was the S1 Pro in August 2021. The company currently owns five scooters. Within nine months of Ola Electric delivering its first EV scooter, it went on to become the best-selling E2W player in India based on registrations listed on the VAHAN portal of the road and highways ministry.
Ola November 2023 Sales
The leading electric vehicle provider Ola Electric is one of India's largest EV companies and it has recently announced the total unit sales of November 2023 month. As per the latest information, the company posted its highest-ever monthly tally on the back of the strong festive demand and clocked 30,000 registrations (as per Vahan data) during the month. This mark gives a company huge growth with an impressive MoM growth of ~30% and YoY growth of 82%, the company dominated the EV scooter segment with a market share of ~35% in November.
For gaining this milestone, Anshul Khandelwal, Chief Marketing Officer, Ola, said: “The strong sales performance is a testament to the trust customers have in our brand and our strong product lineup. We have clearly emerged as our customers’ top choice recording our highest ever registrations, and we expect the trend to continue in December, closing the year on a new high. We are steadfast in our commitment to accelerating India’s journey towards green mobility and inching closer to #EndICEAge in the scooter segment.”
Ola S1 Variants and Price
The S1 Pro is priced at Rs 1,47,499, while the S1 Air is priced at Rs 1,19,999 in India. Ola Electric has additionally introduced its ICE-killer product, the S1X in three variants - S1 X+, S1 X (3kWh), and S1 X (2kWh) to cater to the requirements of riders with diverse preferences.
Ola S1 Pro Specifications
- Motor Power (w) - 11000
- Charging Time - 6.5 Hr
- Rear Brake - Disc
- Range - 195 km/charge
- Motor Type - Mid Drive IPM
- Front Brake - Disc
- Body Type - Electric Scooters
- Braking Type - Combine Braking System
- Fast Charging - Yes
- Clock - Yes
- Tripmeter - Digital
- Charging Point - Yes
- Mobile Connectivity - Bluetooth,WiFi
- Speedometer - Digital
- Battery Warranty - 3 Years or 40,000 Km
- Low battery alert - Yes
- Anti Theft Alarm - Yes
Interested buyers can get the Ola S1 X+ in just Rs 1,09,999. The reservation window for the S1 X (3kWh) and S1 X (2kWh) is open at Rs 999 only. S1 X (3kWh) and S1 X (2kWh) scooters are available at an introductory price of Rs 99,999 and Rs 89,999, respectively.
