Ola and Ola Electric Set to Go Public in 2023, Says Bhavish Aggarwal

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During the 14th edition of TechSparks Bengaluru, Ola’s Founder and CEO, Bhavish Aggarwal, announced that both Ola and Ola Electric are considering initial public offerings (IPOs) by the next year. In a fireside chat with YourStory Founder and CEO Shradha Sharma, Aggarwal emphasized Ola Electric’s rapid growth and maturation in terms of its business model.

Ola Electric’s IPO plans are reportedly taking shape, with expectations of filing the draft red herring prospectus (DRHP) in October. The electric vehicle (EV) manufacturer aims to raise approximately $700 million (approximately Rs 5,815 crore) through the public listing.

Notably, Ola Electric maintains a dominant position in the EV two-wheeler segment, with a market share of approximately 29% as of August this year. During this period, the company achieved sales of 1.6 lakh units out of the total 5.5 lakh units sold by the industry. Ola Electric has also garnered significant interest, with over 75,000 bookings for its refreshed S1 range of scooters.

The company’s key shareholders include Temasek, SoftBank, Tiger Global Management, Edelweiss, Matrix Partners India, Kia Motors, and Alpha Wave Investors. In September, Ola Electric secured $140 million (approximately Rs 16 million) in funding from existing investors, including Temasek, with Temasek Holdings contributing approximately $90 million. Despite revenue growth, Ola Electric’s consolidated loss for the fiscal year 2022 widened compared to the previous year due to increasing expenses.

Parent company ANI Technologies also reported a wider loss for the fiscal year ending in March 2022, despite nearly doubling its revenue.

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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Ola and Ola Electric Set to Go Public in 2023, Says Bhavish Aggarwal

During the 14th edition of TechSparks Bengaluru, Ola’s Founder and CEO, Bhavish Aggarwal, announced that both Ola and Ola Electric are considering initial public offerings (IPOs) by the next year. In a fireside chat with YourStory Founder and CEO Shradha Sharma, Aggarwal emphasized Ola Electric’s rapid growth and maturation in terms of its business model.

Ola Electric’s IPO plans are reportedly taking shape, with expectations of filing the draft red herring prospectus (DRHP) in October. The electric vehicle (EV) manufacturer aims to raise approximately $700 million (approximately Rs 5,815 crore) through the public listing.

Notably, Ola Electric maintains a dominant position in the EV two-wheeler segment, with a market share of approximately 29% as of August this year. During this period, the company achieved sales of 1.6 lakh units out of the total 5.5 lakh units sold by the industry. Ola Electric has also garnered significant interest, with over 75,000 bookings for its refreshed S1 range of scooters.

The company’s key shareholders include Temasek, SoftBank, Tiger Global Management, Edelweiss, Matrix Partners India, Kia Motors, and Alpha Wave Investors. In September, Ola Electric secured $140 million (approximately Rs 16 million) in funding from existing investors, including Temasek, with Temasek Holdings contributing approximately $90 million. Despite revenue growth, Ola Electric’s consolidated loss for the fiscal year 2022 widened compared to the previous year due to increasing expenses.

Parent company ANI Technologies also reported a wider loss for the fiscal year ending in March 2022, despite nearly doubling its revenue.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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