Ola Electric gets massive jump ahead of IPO, posts 107% growth with…

Bhavish Aggarwal-led Ola Electric on Monday announced that it has posted a growth of 107 per cent (Year-on-Year) in June 2024 Electric Vehicle (EV) two-wheeler registrations as compared to the corresponding month in 2023. According to the government's VAHAN Portal, the company recorded 36,716 registrations during the month.

It also recorded a 57 per cent growth in the first quarter (Q1) of FY25 over Q1 FY24 and witnessed over 1.08 lakh registrations in the quarter ended June 2024.

"Our steady market leadership reflects the strength of our expansive S1 portfolio with the product offerings across attractive price points, making EVs accessible to everyone," Anshul Khandelwal, Chief Marketing Officer, Ola Electric, said in a statement.

Ola Electric also surpassed 2 lakh registrations in CY2024, becoming the first EV two-wheeler company to achieve the milestone within the first half of a calendar year.

The company has so far recorded more than 2.28 lakh registrations in 2024.

Ola Electric offers an expansive S1 portfolio with six offerings.

It has recently marked its entry into the mass-market segment with the S1 X portfolio.

Available in three battery configurations -- 2 kWh, 3 kWh, and 4 kWh, the scooters are priced at Rs 74,999, Rs 84,999, and Rs 99,999, respectively.

Meanwhile, Ola Electric has received the go-ahead from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

Ola Electric's public issue consists of a fresh issue of Rs 5,500 crore and an offer-for-sale (OFS) of 9.51 crore equity shares, according to the draft red herring prospectus.

(Except for the headline, this story has not been edited by DNA staff and is published from IANS)