Ola and Ola Electric likely to go public by next year: Ola's Bhavish Aggarwal

8Ola and Ola Electric are likely to go for an initial public offering (IPO) by next year, Ola's Founder and CEO Bhavish Aggarwal said, during the 14th edition of TechSparks Bengaluru, YourStory’s flagship tech and startup event.

In a fireside chat with YourStory Founder and CEO Shradha Sharma, Aggarwal said that Ola Electric, Ola's electric vehicle arm, has grown fast in recent years and has shown maturity, especially in terms of polishing the business model.

Ola Electric’s plan for an IPO is firming up, and the company is expected to file the draft red herring prospectus (DRHP) in October, as per media reports. The EV maker is expected to raise up to $700 million (~Rs 5815 crore) from the public listing.

The company remains the market leader in the EV two-wheeler segment, controlling around 29% market share until August this year, during which period it sold 1.6 lakh units, of the total 5.5 lakh units sold by the industry.

The company recently updated its S1 range of scooters, and it has already received more than 75,000 bookings for the refreshed model.

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Ola Electric's biggest shareholders include Temasek, SoftBank, Tiger Global Management, Edelweiss, Matrix Partners India, Kia Motors, and Alpha Wave Investors.

Ola Electric raised $140 million (~Rs 16 million) from existing investors including Temasek, in September, according to media reports. Temasek Holdings had reportedly cut a cheque for around $90 million, while others, mostly family offices, contributed the remaining.

The EV maker’s total consolidated loss for the financial year 2022 widened from a year ago, on the back of rising expenses, despite an increase in revenue. Ola Electric recorded a total consolidated loss of Rs 784.15 crore for the year ended March 31, 2022, compared with a loss of Rs 199.23 crore in the previous year.

Parent ANI Technologies reported that its loss in the financial year ended March 2022 had widened from the previous fiscal year even as revenue nearly doubled.