Driven by the stupendous demand for electric scooters, Ola Electric Mobility Pvt managed to leapfrog its progress and is now in line for an initial public offering sooner than its founder previously imagined.
The Indian startup firm began selling electric scooters in late 2021. On the company’s IPO plans CEO of Ola Electrics, Bhavish Aggarwal, said that he was expecting four to six years of revenue for the company’s IPO plans.
Company Is Backed By Major Firms
Big names like SoftBank Group Corp. and Tiger Global Management are behind the business. When another contestant in the EV section, Ola Electrics presently possesses a 38% offer on the lookout. It has sold in excess of 239,000 electric bikes since December 2021, as per information from the General public of Producers of Electric Vehicles.
When to expect electric motorbikes and cars?
Bhavish Aggarwal is wanting to grow his organization by divulging a motorbike toward the finish of 2023 and a battery-controlled vehicle in 2024. He likewise cautioned that the timetable can be changed. The Chief of the firm is additionally wanting to send out scoters to Southeast Asia, Latin America, and Europe.
Ola Cabs got as far as selecting banks for a $1 billion IPO in Mumbai, Bloomberg News reported in August 2021, but that never materialized.
‘Tesla is for the West, Ola is for the rest’
CEO stated, “Tesla is for the west, Ola is for the rest,” despite Tesla’s global popularity and its entry into India. He is likewise constructing a 115-section of land battery production line in southern India, setting him in opposition to tycoon Mukesh Ambani’s Dependence Enterprises Ltd. This will assist him with assembling lithium-particle cells fundamentally for Ola Electric vehicles.