Will cross $1-bn revenue run rate by year-end, predicts Ola Electric

The SoftBank-backed electric vehicle firm said it has surpassed Rs 500 crore revenue in its first two months of FY 22-23, and is on track to surpass the $1 billion revenue run rate by end of this year

Ola Electric — the ride-hailing firm’s electric vehicle (EV) arm — on Friday said that it had surpassed Rs 500-crore revenue in its first two months of FY 22-23, and is on track to cross $1-billion revenue run rate by the end of this year.

SoftBank-backed Ola said its growth had been achieved on the back of strong consumer demand, scaling manufacturing and a steady go-to market. The Bengaluru-based firm said this had allowed it to deliver to over 50,000 customers across different parts of the country. 

In India, Ola’s competitors include electric two-wheeler makers such as Ather Energy, Bounce, Hero Electric, Bajaj, TVS Motor Com­pany and Boom Motors.

Bhavish Aggarwal-led Ola said it has a 50 per cent revenue share of the entire EV two-wheeler segment. Ola said it has been able to take EVs to all corners of India. It said this made it the first-ever EV scooter to be among India’s top-10 selling scooters. 

“As customers’ confidence in EVs continues to grow, the future forecast looks even stronger for Ola Electric,” an Ola Electric spokesperson said in a statement. “We have also been able to streamline our manufacturing capacity at the Ola Futurefactory, Krishnagiri, to 1,000 units per day. We have a strong order pipeline and will be ramping up further.”

The women-only factory is being expanded to become the largest two-wheeler factory in the world with an annual production capacity of 10 million units, contributing to one of every seven two-wheelers sold in the world.