The Indian startup Ola Electric Mobility Pvt., which started selling electric scooters in late 2021, is getting ready to go public earlier than its founder had anticipated. The founder and CEO of Ola Electric, Bhavish Aggarwal, stated in a recent interview that the firm will likely go public much sooner than he anticipated because of its rapid development and positive market reception.
The most recent figures indicate that Ola Electric has sold over 100,000 electric scooters since its introduction, making it the largest producer of electric scooters in India. The electric scooters made by the company are well-liked since they are inexpensive, require little maintenance, and have positive environmental effects.
In one of the largest initial public offerings in Indian history, Ola Electric is anticipated to raise $1 billion in the offering. Although the precise date has not yet been set, the company’s IPO is anticipated to happen within the next several months.
The popularity of electric vehicles in India is expanding, as seen by Ola Electric’s success there. Compared to conventional gasoline-powered vehicles, electric vehicles provide several benefits, such as lower running costs, less expensive maintenance, and fewer carbon emissions.
The Indian government is also pushing electric mobility through several programs, such as tax breaks, financial aid, and infrastructure improvement. These actions have contributed to the development of a supportive environment for producers of electric vehicles like Ola Electric.