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Ola Electric
Stock Market

E-scooter maker Ola Electric reaches US$7 bn valuation

19.11.2024
2 min read

Ola Electric’s shares have risen sharply

After a slight slowdown, the market for electric transport is still very promising. This is evidenced by the interest in several companies in the sector, including Ola Electric. The electric scooter maker’s market capitalisation has reached US$7 billion. Its valuation has risen after its share price rose 82% since its IPO.
Ola Electric went public in the third quarter of 2024. Initially, experts were sceptical about the news of the Indian company’s listing. According to them, the company had little chance of achieving its planned results. However, the latest valuation and the sharp rise in the share price suggest that the company’s owner’s decision to go public was the right one.
The electric transport manufacturer’s IPO has become a major event for the Indian financial market. It is the largest offering on the local bourse in the last two years. Not surprisingly, the listing attracted the attention of many investors. In addition, buyers who had not previously done business in the electric transport sector were interested in the company’s shares. The demand for shares enabled the company to achieve its capitalisation targets more quickly.
It is worth noting that during the IPO process, the company’s owner, Bhavish Aggarwal, reduced the offer price. This decision was based on analysts’ predictions of low profitability. However, the experts’ concerns did not materialise.Ola Electric's shares

Ola Electric business overview

Ola Electric is the largest electric scooter manufacturer in India. In 2023, it had a market share of 30%. The company produces multiple transportation models and plans to launch an electric scooter in 2025.
The company was established in 2017 as a subsidiary of ANI Technologies. Its initial aim was to reduce emissions and taxis’ reliance on fossil fuels. At the time, the company focused on installing charging stations for electric vehicles.
In 2019, Bhavish Aggarwal bought more than 92% of the business from its parent company, ANI Technologies. The company became a standalone venture, refocusing its operations on scooter manufacturing. Development milestones:
1. The company acquired Etergo, which manufactured this mode of transport, in 2020.
2. The first models hit the market in 2021.
3. The company raised a US$200 million investment in 2022. This valued the company at US$5 billion.
4. In the same year, Ola invested in Israeli battery maker StoreDot.
5. A round of funding in 2023 raised the company’s valuation to US$5.4 billion.
6. The company’s prototype electric motorcycle was on display in August 2024.
The company’s manufacturing facilities are automated. The 500-acre facility, built in 2022, has a maximum capacity of 10 million units per year.
Ola intends to expand its presence in the international market. The company’s strategic objective is to overtake Chinese companies, its main competitors, in terms of revenue.

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