Ola Electric, India's largest electric two-wheelers company, is in discussions with financial and legal institutions to pursue the eagerly anticipated initial public offerings (IPOs) scheduled for early 2024, just days after securing $300 million in new capital.
As financial partners for the IPO, the company is reportedly in talks with Kotak, Goldman Sachs, Citibank, and other institutions. It has retained the legal counsel of Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas.
Founder and promoter Bhavish Aggarwal now holds a 40% share in Ola Electric, which is scheduled to decrease by 2% following a new round of funding.
With a market share of 34% in April and registrations of more than 21,560 electric two-wheelers, Ola is relying on the fact that it is already the leading player in the electric two-wheeler sector. With 8,718 automobiles, TVS is its main rival.
In the upcoming months, the company also plans to introduce 5–6 new scooter models. According to reports, it also has three to four motorbike models slated for release by year's end.
With significant growth in revenue and market share, Ola's business is anticipated to scale up dramatically as a result. Additionally, it will introduce its most affordable electric scooter in July for less than 85,000 with the intention of multiplexing volume.