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Bhavish Aggarwal, CEO of Ola Cabs and founder of Ola Electric, made the remarks at a press conference ahead of the initial public offering (IPO).
Ashish Vaishnav | Sopa Images | Lightrocket | Getty Images
Stock Ola Electric Shares surged 20% in their stock market debut on Friday, valuing the Indian electric vehicle startup at about $4.8 billion.
Ola Electric is raising more than $730 million and priced its shares at 76 rupees ($0.91) in its Mumbai initial public offering, India’s biggest listing this year, according to Reuters.
As of 3:52 pm local time, the stock was trading at around 91.20 rupees.
The first-day surge in shares came as investors bet the company will become a major player in India’s electric vehicle market as the government moves to bolster the industry.
Ola Electric makes electric scooters and shipped its first product two and a half years ago.
Two-wheelers are the most popular mode of transportation in India. According to data from McKinsey & Company, by 2030, electric two-wheelers in particular are expected to account for 60% to 70% of total new scooter sales in India.
This is a trend that Ola Electric is looking to capitalize on as it prepares to launch its first electric bike product in the second half of 2025.
Founded by noted entrepreneur Bhavish Agarwal, the startup is positioning itself as a do-it-all company, from design to manufacturing to batteries. Tesla I will do that.
However, the company does not appear to have any plans to enter the automotive sector at this time.
Ola Electric has a number of notable investors, including SoftBank and Singapore investment fund Temasek.
The company said it plans to use the proceeds from the IPO to repay debt, further research and development, and support the expansion of its Gigafactory battery factory.
The company’s revenue for the fiscal year that ended March 31 rose 90% from a year ago, but losses widened. The company has not yet turned a profit.
Agarwal is also the co-founder of Indian ride-hailing company Ola Cabs.
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