The homegrown ride-hailing service provider turned electric vehicle manufacturer filed preliminary IPO papers with SEBI back in December 2023 and has now obtained the regulator’s nod to float the public issue. According to the draft papers, proceeds from the fresh issue will be used for capital expenditure to be incurred by the subsidiary OCT for the Ola Gigafactory project, payment of debt by subsidiary OET, investment into research and product development, expenditure for organic growth initiatives, and general corporate purposes, the report further noted.
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Ola Electric manufactures electric two-wheelers and core EV components, such as battery packs and electric motors at its Ola Futurefactory manufacturing facility in Krishnagiri. The OEM is also planning to enter into the electric car market in the near future, as the company has hinted. The auto company launched its first EV model S1 Pro back in August 2021 and currently has a portfolio of five electric scooter models. Ola is also gearing up to launch four different electric motorcycles soon, as the company has already revealed the concepts for them.
Within nine months of Ola Electric delivering its first electric scooter in India, it became the best-selling electric two-wheeler manufacturer in India based on E2W registrations listed on the VAHAN Portal of the Ministry of Road Transport and Highways. The company currently holds a 49 per cent stake in the electric two-wheeler market in India alongside rivals like Ather Energy.
The EV company is currently in the process of building an electric vehicle hub in the Krishnagiri and Dharmapuri districts in Tamil Nadu, which includes the Ola Futurefactory, the upcoming Ola Gigafactory, and co-located suppliers in Krishnagiri district.
First Published Date: 12 Jun 2024, 07:10 AM IST