Ola Electric To Launch Electric Vehicle Ahead Of IPO 

Ola Electric will soon launch an electric vehicle named Raahi. The vehicle will be sold directly to consumers, as per an Economic Times report. 

The vehicle, named Raahi, has been being developed for a few years and will soon reach the consumer market later this month. The Economic Times report says that Ola Electric plans to unveil several announcements, including updates regarding a gigfactory and the introduction of the auto e-rickshaw. While the timeline has been given as approximately two weeks, it is subject to change. 

Ola Electric filed its draft IPO papers in December 2023. The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Last year, the company announced that it intended to raise $662 million through its IPO. A DRHP is a document that is filed by companies with regulatory bodies such as SEBI when they file for an IPO. 

Ola Electric will be facing competition from other players such as Mahindra Treo, Piaggio Ape E-City, Atul Auto Elite Plus, Kinetic Green DX, and others. The electric vehicle market in India has been growing. 

Ola Electric dominates the electric scooter segment with 41 per cent of shares as of February. TVS Motor, Bajaj Auto, and Ather Energy accounted for 17.7 per cent. 14.2 and 11 per cent market shares. 

According to a CareEdge report, EV sales in 2023 reached 1.53 million. This was an increase from 1.02 million in 2022. Similarly, the two- and three-wheeler segments saw growth of 37 per cent and 66 per respectively. Sales for 2024 are expected to exceed 2 million units, as per the report. 

Interestingly, the report says, “The predominant share of EV sales in India is currently held by two-wheelers (2W) and three-wheelers (3W), collectively accounting for 90–95 per cent of the total electric vehicles (EVs) sold in India during CY23.”