OLA ELECTRIC NEWS
In equity's Indian summer, IPOs and investors make hay in 2024
The IPO market in 2024 has seen strong investor interest with 38 companies listing at an average gain of 25%. While some stocks like Jyoti CNC Automation and Exicom Tele-Systems have surged 100-300%, others are trading below offer price. Major IPOs from Bharti Hexacom and Aadhar Housing Finance have performed well.
Ola working on solid-state batteries, okay with govt tapering off EV subsidies
Ola Electric, led by Bhavish Aggarwal, revolutionizes electric vehicle batteries with cutting-edge technology. Partnering with Beijing Welion New Energy, they achieve a 1000 km range with innovative battery-swapping services. The industry anticipates electric aircraft powered by these advancements, cementing Ola Electric as a pioneering force in the EV sector.
Ola Electric is said to face investor pushback on IPO valuation
Ola Electric Mobility is encountering resistance from investors regarding its targeted valuation for the upcoming initial public offering. According to sources familiar with the matter, the company's founder is aiming for a valuation of up to $7 billion in the Mumbai listing. However, initial feedback from investors suggests a valuation closer to $5 billion. The sources requested anonymity as the information is not public.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
General Catalyst-Venture Highway deal; Sebi clears Ola Electric IPO
Silicon Valley investor General Catalyst has acquired Indian early stage fund Venture Highway. More on this in today’s ETtech Top 5.
Ola Electric, Emcure Pharma get Sebi nod for IPOs, setting stage for big listings
The Bengaluru-based company had filed its draft prospectus with Sebi in December last year. The issue comprises a fresh equity sale of Rs 5,500 crore and an offer-for-sale (OFS) of 95.2 million shares.
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Ola Electric IPO: All about the first EV startup IPO in India
Ola Electric, a Bengaluru-based EV startup, receives Sebi approval for IPO, marking a milestone in Indian EV industry. Founder Bhavish Aggarwal informed employees about the regulatory green light.
Zomato’s Rs 300-crore Blinkit boost; Ola Electric gets IPO nod
Food delivery company Zomato will infuse Rs 300 crore into its quick commerce unit Blinkit. This and more in today’s ETtech Top 5.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
Brands by scions attract VC money; Ola Electric layoffs
Happy Monday! A new wave of brands founded by second generation entrepreneurs is snagging venture capital. This and more in today’s packed edition of ETtech Morning Dispatch.
Ride-hailing startup BluSmart to raise Rs 200 crore in new funding
BluSmart has raised nearly $24 million or Rs 200 crore in its latest funding round. In January this year, BluSmart had raised $25 million, while in 2023 it conducted funding rounds worth $66 million.
Ola CFO Kartik Gupta steps down two weeks after CEO exit
Kartik Gupta, Ola's CFO since November 2023, is stepping down just two weeks after chief executive Hemant Bakshi left the firm.
Ola CFO exits; India’s data centre edge
Kartik Gupta, chief financial officer, Ola Cabs has stepped down, just two weeks after chief executive Hemant Bakshi’s exit. This and more in today’s ETtech Top 5.
Will China become the cat among India's EV pigeons?
Chinese electric vehicles are causing concern in the US and Europe due to their affordability and efficiency. The US has responded by imposing tariffs on Chinese EVs and lithium-ion batteries. India may now become a target for Chinese EVs. Stellantis is considering manufacturing Leapmotor's electric vehicles in India to avoid tariffs.
Ankush Aggarwal returns to Ola Cabs; declining H-1B visas for IT staff
Happy Tuesday! Ola Cabs founder Bhavish Aggarwal’s brother Ankush is back at the ride-hailing business. More on this in today’s ETtech Morning Dispatch.
India considers incentives for lithium processing
India is contemplating providing incentives to private companies to establish lithium processing facilities in an effort to develop its lithium mining sector and bolster the supply of the EV battery metal. Under a new critical minerals policy being formulated by the mines ministry, incentives would be offered to companies to set up lithium processing plants, covering aspects from exploration to mining to value addition. While the exact form of incentives is yet to be determined, the government aims to draw inspiration from countries like Australia and Canada.
Ola plans $500 million IPO, to appoint banks soon
SoftBank-backed Ola is India's answer to Uber and plans to file papers for approval with the country's market regulator within three months, said the sources, who declined to be named as the matter is confidential.
Ola Cabs to exit international markets this month
Ola Cabs to exit UK, Australia, New Zealand. The firm has started sending out notifications to users and drivers about the impending closure of operations.
Apple tops in blue-collar jobs; election merchandise now on ecommerce
Apple and its supplier network have become India’s leading blue-collar job creator since the start of the production-linked incentive scheme. This and more in today’s ETtech Top 5.
Ecommerce growth slows; Ola Electric raises debt
The decline was indicative of softer demand as order volumes shrunk, even as the uptake of expensive items helped keep up overall sales. However, month-on-month sales are improving, fueling hope that with the onset of summer, increased demand for certain categories could bolster full-year sales figures.
Will IPO fervor hit new peaks in 2024 after a hectic 2023?
After a hectic 2023, the IPO pipeline remains equally strong in 2024 despite the volatility that comes around with general elections scheduled later this year.
Ola Electric files draft papers for IPO, to raise Rs 5,500 crore via fresh issue
Promoter Bhavish Aggarwal will offer upto 4,73,94,014 shares in the OFS, and Indus Trust, which is also a part of the promoter group entity, will offer upto 41,78,996 shares. This is the first IPO by an automaker in India in over 20 years. The last IPO in the automobile sector was made by Maruti Suzuki (then Maruti Udyog) in 2003.
Ola Electric expected to file IPO papers today, first Indian EV company to do so
Ola Electric IPO: Softbank-backed Ola Electric will file for IPO in next few hours with company's top management and bankers busy finalising details, ET Now reported, quoting sources. Kotak is the lead banker to Ola Electric while Goldman Sachs and Citi have also been appointed to handle the issue.
Ola IPO to be first by an Indian EV maker, also a first by an automaker in 20 years
Ola Electric IPO is expected to be valued at around Rs 8,500 crore (approximately $1 billion), making it one of the top 15 offerings in India in terms of size. What makes this IPO even more significant is that Ola Electric will be the first pure play EV manufacturer to list on the Indian stock exchanges. It will be also the first IPO by an auto maker in India in over 20 years.
Ola Electric converts into public limited company ahead of IPO filing
The conversion of a private limited company into a public company is a mandatory step for a firm that wants to list on the stock exchange. Consequently, the name of the firm has been changed to Ola Electric Mobility Ltd from Ola Electric Mobility Private Limited, according to the regulatory filings.
Ola sold a scooter every 10 seconds during Dussehra and Navratri!
Ola Electric, the electric scooter maker, claimed to have sold a scooter every 10 seconds during the Dussehra and Navratri festivals, which is 2.5 times more than last year. The company's founder and CEO, Bhavish Aggarwal, tweeted about the increased sales and stated that India's EV moment is happening this festive season.
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