In Short : Ola Electric intends to utilize Rs 1,226.43 crore from its IPO proceeds to expand cell production capacity. This strategic move underscores the company’s commitment to scaling up its manufacturing capabilities, supporting the growth of electric mobility in India. In Detail : In the details of the objectives of the IPO, the company […]
Ola Electric raises INR 3,200 crores to scale up EV business and build gigafactory for cell manufacturing – EQ
In Short : Ola Electric, the electric vehicle (EV) arm of ride-hailing company Ola, has successfully raised INR 3,200 crores (approximately $430 million) to accelerate its EV business and establish a gigafactory for cell manufacturing. This funding round, led by Falcon Edge, SoftBank, and several other investors, underscores the growing investor confidence in the electric […]
Ola Electric targeting USD 1.5 billion sales this year, pre-subsidy cut document shows – EQ Mag
$1.5 bln revenue target would be four times last result Expects revenue to double again in two years time Figures pre-date surprise govt cuts to incentives MUMBAI : Indian e-scooter maker Ola Electric expects revenue to quadruple to $1.5 billion this financial year and then double that again in two years, according to a document […]
Ola Electric to kick off investor meet on IPO plans – EQ Mag
MUMBAI : India’s Ola Electric will hold talks next week with investors in Singapore and the United States on its planned stock market listing, the first of a series of meetings for its up to $1 billion IPO, two sources with direct knowledge said. The sources said Ola, which makes electric scooters and is backed […]
‘Ola Electric aims for IPO by 2023-end, hires Goldman, Kotak’ – EQ Mag
Ola Electric is backed by investors such as SoftBank Group Corp and Tiger Global Management. India’s Ola Electric is planning a stock market listing by the end of 2023, and has appointed investment bank Goldman Sachs and domestic bank Kotak to manage the share sale, a source with direct knowledge of the matter told Reuters. […]
Ola clocks sales of over 30,000 units in April; wrests 40% market share – EQ Mag
Bengaluru : Ola Electric, India’s largest electric vehicles company, has wrested 40% of the EV scooter market, as it announced its sales figures for the month of April, 2023. Riding on its highest-ever monthly sales in April, selling over 30,000 units, Ola also secured the number one position on the sales for 8th consecutive months. […]
Ola Electric to refund Rs 130 crore to customers for EV charger – EQ Mag
Electric two wheeler manufacturer Ola Electric, will be reimbursing approximately Rs 130 crores to customers. Sources have told CNBC-TV18 that in response to the probe initiated by Ministry of Heavy Industries for overpricing, the company has informed the government they will reimburse the cost of the off board charger. “The Automotive Research Association of India […]
TVS Motor is gradually gaining a grip in electric vehicle segment – EQ Mag
For TVS Motor Co. Ltd, increasing electric vehicle (EV) penetration was flagged as a key risk as the automaker derives a significant portion of its volume from internal combustion engine (ICE) scooters. This segment is the most vulnerable to rising EV adoption. But with TVS focusing on electrification, volumes of its EV product, iQube have […]
Ola Electric to raise $300 mn for expansion plans to meet corporate needs – EQ Mag
E-vehicle manufacturer Ola Electric is close to raising funds of around USD 300 million for its expansion plans and to meet other corporate needs, sources close to the company said. The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability. The fundraising would be managed by investment […]
Ola Electric offers buyers to upgrade S1 scooters with new front fork – EQ Mag
New Delhi : Ola Electric on Tuesday said it is giving an option to buyers to upgrade their scooters with new front fork amidst concern among them regarding safety of the part. In a tweet, the company noted that there have been some concerns amongst the community around the safety of the Ola S1’s front […]