Ola Electric turns into public ltd. co. in run-up to IPO filing this month

Market share of nearly 35%, Ola Electric is a key player in India’s EV industry.

Ola Electric, a leading player in India’s electric vehicle (EV) sector, has transitioned from a private limited entity to a public limited one. This transformation is a critical step for any firm aiming for a stock exchange listing.

Previously it was known as, Ola Electric Mobility Private Limited, the company has now officially rebranded itself as Ola Electric Mobility Limited. With a commanding market share of nearly 35%, Ola Electric is a key player in India’s EV industry.

Ola Electric’s commitment to sustainable mobility is reflected in its relentless innovation and the production of state-of-the-art electric vehicles at its Future factory. This facility, based in India, is recognized as the country’s largest, most advanced, and most sustainable two-wheeler EV factory.

The firm recently raised funding of ₹3,200 crore in equity and debt rounds from prominent investors led by Temasek, along with project debt from the State Bank of India. These funds will be utilized to expand Ola’s EV business and to establish India’s premier lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola Electric was the only Indian EV firm selected under the government’s ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh. This scheme aims to promote self-reliance and localize the most crucial aspects of the EV value chain. Ola’s Futurefactory in Krishnagiri, Tamil Nadu, will host India’s first lithium-ion cell manufacturing facility. The initial capacity of 5 GWh in phase 1 will be progressively increased to 100 GWh at full capacity.

Ola Electric has also expanded its scooter portfolio to include five products, with prices ranging from ₹89,999 to ₹1,47,499. These scooters, unveiled at Ola’s annual flagship event, are built on an advanced Gen-2 platform, positioning them as one of the most attractive EV options across various price points in the current market.”