As electric scooter sales soar in India, Ola moves ahead with its IPO plan

17 Jul 2023 , 02:10 PM

The Indian business Ola Electric Mobility Pvt. has grown at a breakneck rate since it began delivering electric scooters for sale in late 2021, sooner than its founder had originally anticipated.

Bhavish Aggarwal, the company’s founder and chief executive officer, was speaking in an interview in New Delhi’s crowded Connaught Place. ‘I thought it would take me four to six years of revenue to go public,’ he said. ‘I can already tell that it will be a lot sooner. Ola Electric has developed and grown more quickly than I had anticipated due to the market’s positive response.

The company, which includes SoftBank Group Corp. and Tiger Global Management as investors, has a 38% market share and is now the industry leader for electric scooters in India. Data from the Society of Manufacturers of Electric Vehicles shows that since December 2021, it has sold more than 239,000 electric scooters.

While the majority of Ola Electric’s customers are already fully converted, the majority of the company’s customers initially originated from first-time scooter owners, according to 37-year-old Aggarwal.

For feedback and suggestions, write to us at [e-mail]