OLA SCOOTER SALES
Ola Electric IPO pricing likely at about 25% lower than private valuation of $5.4 billion: sources
Ola Electric IPO valuation is likely at $4 billion, down 25% from $5.4 billion in last funding round The IPO seeks Rs 5,500 crore through a fresh issue and 95.2 million shares offer-for-sale. Initially targeting $6-7 billion, the valuation was adjusted to entice investors for post-issue profit.
HOla Street! EV IPO set to ride in at lower price tag
Ola Electric, led by Bhavish Aggarwal, plans a $4 billion IPO, down from a $5.4 billion valuation with Temasek, aiming to raise ₹5,500 crore. The company has cut costs and laid off staff, affecting market share. Competing with FirstCry and Swiggy, its draft prospectus includes a 95.2M share OFS. Ather offers competition. Vahan data shows market revival.
Uncertainty on policy front makes predicting EV profitability tough: Rajiv Bajaj to shareholders
A government official later clarified that union minister for heavy industries HD Kumaraswamy “was quoted out of context” on the EV subsidy scheme. In a post on X, Kumaraswamy said the government remained "fully committed to supporting the Indian Auto Industry".
Ola Electric’s Bhavish Aggarwal takes a swipe at ‘cute’ Ather Rizta ads
Ola Electric's Bhavish Aggarwal criticizes Ather Energy's marketing approach for new scooter Rizta. He advises focusing on supply chain and technology to reduce product costs. Ola Electric leads in electric scooter sales in India.
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.
Can Ola Electric become the Maruti Suzuki of electric two-wheelers?
Ola Electric, led by Bhavish Aggarwal, leads the e2W market with a 48% share in Q1 FY25, selling 74,068 units. Despite preparing for an IPO and product issues, growth stems from strategic partnerships and pricing. Policy shifts under EMPS cut subsidies, impacting sales. The company must adapt to competition and future e-motorcycle trends.
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India needs to build its own EV paradigm, products, and core technology in the EV stack: Bhavish Aggarwal, Ola
This is the start of the EV penetration. India is the world's largest two-wheeler market. 20 million two-wheelers are sold a year. Over time, EV penetration will grow to a much larger percentage in the overall industry and there is no single company that can achieve that full transition, says Bhavish Aggarwal,
Ola Electric to invest $100 million in gigafactory
Ola Electric founder Bhavish Aggarwal said is developing a 4680 form of battery cells, which is more energy-dense and advanced than the 2170 form of battery cells it currently sources for its electric scooters.
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.
Ola Electric secures Sebi approval for Rs 5,500 crore IPO
Ola Electric's IPO would be the first by an EV startup in the country and amongst the biggest new-age IPOs this year. The Bengaluru-based company had filed its DRHP with Sebi on December 22, proposing to raise up to Rs 5,500 crore through a fresh issue, apart from an OFS component of 95.2 million shares.
Ola plans to launch four electric motorcycles, to start delivery of Ola S1 X models from FY25
Ola Electric has received SEBI approval for its IPO, aiming to raise up to Rs 5,500 crore through fresh equity and an offer for sale. The EV maker plans to expand its product line with new motorcycles and scooters while boosting production capabilities.
Ola Electric gets Sebi nod for public offer
Ola Electric, set for a $6 billion IPO, plans layoffs amid IPO filings by Swiggy and FirstCry.
Ola Electric secures Sebi nod for Rs 5,500-crore IPO
Ola Electric has received approval from Sebi for the first EV startup IPO in India. This would be among the biggest new-age IPO in India this year. Swiggy and FirstCry have also filed their draft IPO paper and awaiting regulatory clearance. The Bengaluru-based company is eyeing a $6-billion valuation through the public offering.
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.
Ola Electric eyes leaner road to profitability, to cut 400-500 roles
Ola Electric, eyeing an IPO, is reportedly trimming its workforce by 400-500 employees to streamline operations. This number may change as the senior leadership is still concluding the scale of the layoffs. They are expected to hit multiple verticals, sources told ET.
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.
Electric bike sales decline 50% in April amid subsidy changes
Electric two-wheeler sales in April dropped by 50% due to subsidy changes. Ola Electric led with 33,000 units sold out of the 64,000 total EV scooter sales. Companies like Bajaj, TVS Motors, and Ather Energy also felt the impact.
April electric two-wheeler sales halves on month
Electric two-wheeler sales plummeted 50% in April due to a seasonal slump worsened by subsidy changes. Ola Electric dominated with 33,000 scooter sales. Legacy firms like Bajaj and TVS Motors also saw declines.
Ola Electric slashes S1 X scooter prices
Ola Electric reduces S1 X scooter prices to bolster market position against Ather's Rizta. FY24 market leader with extended warranty and sales surge. Transition from FAME-II subsidies to EMPS. Subsidy approvals granted to key players.
Ola to slash S1X's price?
Ola's S1X electric scooter, with 143km range and 90 km/hour speed, gained popularity with record registrations. CEO Bhavish Aggarwal hinted at further price cuts, driving increased sales and market share.
Battle of e-scooters for customers moves to India’s hinterland
The electric scooter segment in India is set for a fierce battle between legacy and new-age OEMs with the launch of Ather Energy's Rizta. Distribution and finance options in small towns and cities will determine the outcome. Legacy OEMs like TVS and Bajaj are expanding their networks, while new-age OEMs face challenges in rural areas due to financing limitations. Offering affordable solutions and innovative financing options could change market dynamics in favor of new-age OEMs.
India must keep e-scooter subsidies to boost adoption, Ather CEO says
India's e-scooter market is small but growing, accounting for 5% of total two-wheeler sales in fiscal 2023-2024. Ather was one of the first to drive the pick-up in adoption with the launch of its 450 series of e-scooters in 2018, but has fallen behind larger rivals Ola Electric and TVS Motor, whose discounts have driven sales.
Electric two-wheeler sales surge by 33.3% in 2023-24, Ola tops chart
Electric two-wheeler sales soared in 2023-24, led by Ola Electric. Major players like TVS Motor and Bajaj Auto made significant strides. Despite challenges for some OEMs, the new EMPS aims to promote EVs with lower subsidies.
Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales
Ola Electric, TVS Motors, and Bajaj expanded their market share in FY24. Ola led with 35% in non-transport electric two-wheelers. The overall sales grew 30% to 9,41,583 registrations.
Ola Electric sees record registrations in March; ends FY24 with 115% growth on year
IPO-bound Ola Electric retains its market leader tag with 328,785 units registered in FY24, the Vahan portal shows. The number has more than doubled from FY23 at 152,741. In the March quarter, the company saw 119,310 registrations, as against 84,133 units in the previous quarter.
IPO-bound Ola Electric hires former Byju’s senior executive Jitesh Shah to lead after-sales
As part of his new responsibilities at the public markets-bound firm, Shah is spearheading an expansion of Ola’s service centres and fast-charging network, as well as an extension of warranty on all new scooter sales announced by the firm in February, they added.
Ola announces special discount on Women's Day, offer on electric scooters valid till this day
Ola Electric is offering additional discounts on International Women's Day, on top of the discounts announced earlier. However, the offer is valid for a limited time.
Ola Electric sees huge jump in sales post price cut: Report
Ola slashed the prices of S1 X+, S1 Air, and S1 Pro last week by upto Rs 25,000, bringing down their price significantly. Post the price cut, the EVs' cost are now almost at par with their ICE counterparts, making them really attractive.
Ola Electric launches S1 X variant, extends warranty for all products
Ola's S1 X scooter will be available in three different power ranges - the 2 kWh priced at Rs 79,999, the 3 kWh priced at Rs 89,999, and the 4kWh priced at Rs 1,09,999. Ola also announced an extended warranty for all its variants of scooters to 80,000 kilometres (kms) or 8 years.
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