Ola Electric clocks highest registration of 30,000 scooters in Nov

Company says it leads market with 35%, expects to continue its position

Ola Electric in November had the highest monthly registrations (30,000) for its electric scooters, helped by strong festive demand. The company cited state-run VAHAN portal to say it had a month-over-month growth of 30 per cent in registrations and year-over-year growth of 82 per cent.

The company said it dominated the electric scooter market with a 35 per cent share in November. The Bhavish Aggarwal-led firm competes with Ather Energy, Okinawa Autotech, Ampere EV by Greaves, Hero Electric, and TVS Motor Company.

“We have clearly emerged as our customers’ top choice recording our highest ever registrations,” said Anshul Khandelwal, chief marketing officer, Ola. “We expect the trend to continue in December, closing the year on a new high. We are steadfast in our commitment to accelerating India’s journey towards green mobility.”

Ola Electric said it has maintained its market lead for the last five consecutive quarters starting September 2022. The company said its new and expanded S1 scooter portfolio has witnessed a "tremendous response" since its launch in August 2022. Ola S1 Pro and S1 Air scooters have got good customer response too, it said.

Priced at Rs 1,47,499, S1 Pro (2nd Generation) is Ola Electric’s flagship scooter while S1 Air is available at Rs 1,19,999. Ola Electric has separately introduced the S1X scooter in three variants: S1 X+, S1 X (3kWh), and S1 X (2kWh) to serve customers with diverse preferences. The S1 X+ is available at an introductory price of Rs 1,09,999. Reservations for the S1 X (3kWh) and S1 X (2kWh) are open at Rs 999. S1 X (3kWh) and S1 X (2kWh) scooters are available at an introductory price of Rs 99,999 and Rs 89,999, respectively.

Ola Electric is preparing for its initial public offering (IPO) by undertaking a corporate restructuring that will convert it into a public company, regulatory filings showed. The IPO may be in the range of $800 million to $1 billion, according to the sources.

The company recently secured about Rs 3,200 crore in funding as part of its equity and debt round. This funding was obtained from Temasek-led marquee investors and project debt from State Bank of India. The funding round, which includes equity, has raised the Bengaluru-based firm’s valuation to $5.5 billion, up from its previous valuation of $5 billion, according to sources.