Ola Electric’s sales might be on shaky ground due to mounting competition, but the popularity of its founder, Bhavish Aggarwal, remains unchanged
Ola Electric has launched its biggest Ola season sale (BOSS) to boost its sales during the festive season. Bhavish Aggarwal, founder and CEO of the company, took to his X account to announce the offers. The offers are likely to improve Ola’s sales, which witnessed the lowest in September with 23,965 vehicles sold.
Moreover, it might help the company gain a market share that has been decreasing constantly for five months, from 50 per cent in April to 27 per cent in September. While its competitors like TVS Motor and Bajaj Auto have been consistently expanding their market presence.
While Ola Electric’s sales might be on shaky ground due to mounting competition, the popularity of its founder, Bhavish Aggarwal, remains unchanged. In fact, his relentless efforts to drive India’s electric vehicle market have often led him to be compared with Tesla founder Elon Musk.
Earlier in August, speaking at a media event, Bhavish said, “Tesla is for the West; Ola is for the rest. The products that companies like Tesla, etc., will build are for the 1 billion rich people. The larger opportunity is to build for the global south, build for India, and then expand to the global south.”
Bhavish Aggarwal (38), an IIT Bombay alumnus, has a net worth of $2.6 billion, according to the Bloomberg. The significant rise in his net worth came after a strong performance from Ola Electric’s D-street debut. But the journey from being an IIT graduate to a billionaire has been coupled with failures, including his first venture, Olatrip.com. In 2017 Aggarwal started Ola Electric-his EV and battery-manufacturing venture, which ultimately was a success.
Recently, Bhavish Aggarwal featured on Bloomberg’s wealth index of the world’s top 500 billionaires and is one of only seven under the age of 40 across the world in the list.