In Short : Ola Electric is preparing to enter India’s rapidly growing Battery Energy Storage System (BESS) market, valued at over $30 billion by 2030. The company plans to unveil its first non-vehicle product, “Ola Shakti,” in mid-October. Leveraging its 4680 Bharat Cell technology from the Tamil Nadu Gigafactory, Ola aims to offer modular and […]
Ola Electric Subsidiary to Raise ₹8.77 Billion via Preferential Shares to Boost EV Expansion – EQ
In Short : Ola Electric’s subsidiary plans to raise ₹8.77 billion through preferential share issuance to strengthen its financial position and fund expansion initiatives. The capital infusion will support increased production, research, and development of electric vehicles, enabling the company to scale operations and enhance its footprint in India’s rapidly growing EV market while advancing […]
Ola Electric Joins Forces with Ministry of Heavy Industries to Boost Domestic EV Battery Production Under PLI ACC Scheme – EQ
In Short : Ola Electric’s unit has partnered with the Ministry of Heavy Industries under the PLI ACC scheme to boost domestic EV battery production. The collaboration focuses on local manufacturing, cost reduction, innovation, and sustainability. By producing advanced batteries in India, the initiative aims to cut EV costs, reduce imports, and support the nation’s […]
Ola Electric plans to deploy Rs 1,226.43 crore of IPO proceeds on cell production capacity expansion – EQ
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 […]