The Bengaluru-headquartered electric vehicle manufacturer was awarded 20 Gigawatt hours (GWh) out of the 50 GWh allocated under the PLI scheme
Ola Electric CEO Bhavish Aggarwal also announced the development of Ola's next-generation battery technology, known as the 'BharatCell,' the first cell to be manufactured in India
The company, which made its trading debut last week, said its loss widened to Rs 347 crore ($41.4 million) in the April-June quarter from Rs 267 crore
Following the listing of Ola, Aggarwal, who is just 38, has seen his net worth surpass $1.5 billion, cementing his place in the world's youngest billionaires list
The stock had listed flat to its initial offer price at 76 rupees on the National Stock Exchange
MapMyIndia's legal notice alleges Ola's activities breach the 2021 agreement's terms, which specifically forbid co-mingling and reverse engineering as per Intellectual Property regulations
Days before its IPO, Ola Electric is in the news for not quite the right reasons.
According to Redseer, E2W penetration in India is expected to expand from approximately 5.4 per cent of domestic 2W registrations in FY24 to 41-56 per cent of domestic 2W sales volume by FY28
Volume growth, vertical integration would be the main pillars for improving its margins, founder and CEO Bhavish Aggarwal told reporters on Monday
Ola is planning the IPO at a lower valuation to ensure higher participation from investors bidding for the IPO shares
SoftBank-backed EV maker to pursue valuation of about $4.5 bn
EV maker last raised funds at $5.5 bn value
Indian markets regulator in June approved Ola's $660 million stock market listing, the first IPO by an EV-maker in India and which is set to be one of country's largest share sales this year
Bhavish Aggarwal, founder, says leading global products should be made in the country, for India and the world
The company's founder has been aiming for a potential valuation of as much as $7 billion in a Mumbai listing, the people said, asking not to be identified as the information isn't public
Ola Electric IPO: The the first public offering by an EV startup in India includes an offer-for-sale component of 95.2 million shares
Ola now plans to list its shares by mid July, and in coming days will reach out to investors to assess demand for its issue, both sources said
Ola Electric's IPO application is currently under review by the Securities and Exchange Board of India (Sebi)
The S1 X range comes with the requested physical key and caters to customers with different range requirements
Among others, Bajaj Auto stock may slip up to 5 per cent, while Aether Industries is expected to trade on a range-bound note, technical charts indicate.