The company, headed for an initial public offering (IPO), also remains a market leader with 328,785 units registered in FY24, as per the Vahan portal. This is more than double the volumes of FY23 at 152,741. In the March quarter, the company saw 119,310 registrations, as against 84,133 units in the previous quarter.
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“The fact that we recorded almost 1.20 lakh registrations in Q4 FY24 alone speaks volumes of our robust scooter portfolio, and we aim to continue the growth trajectory and contribute further to India’s electrification journey,” Anshul Khandelwal, chief marketing officer at Ola Electric, said.
In February, the company launched new variants of its S1 X scooter along with an extended warranty for all its products and expansion of its charging and servicing networks.
ET reported on Monday that the IPO-bound company raised Rs 410 crore (about $50 million) through non-convertible debentures from EvolutionX Debt Capital. Before this, the company had closed a $240 million debt financing from State Bank of India in October 2023 as part of a $384 million financing round, which included equity funding from Singapore’s sovereign wealth fund Temasek.
At the time, Ola Electric Mobility was valued at $5.4 billion. According to Tracxn, the company has raised a total of about $1 billion in equity and debt funding so far.
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Ola Electric filed its draft red herring prospectus on December 22 last year with the Securities and Exchange Board of India (Sebi), proposing to raise up to Rs 5,500 crore through a fresh issue, apart from an offer-for-sale component of 95.2 million shares. It is eyeing a $7-8 billion valuation through the public offering, ET had reported earlier, citing bankers.New avenues
Taking on new routes, the company is also in the final stages of launching an electric autorickshaw meant to be sold directly to consumers, ET had reported on March 13. The vehicle is likely to be called Raahi and the company is expected to unveil it later this month, sources had said.
Ola Electric is also working towards its own gigafactory to manufacture its own battery cells, founder and chief executive Bhavish Aggarwal had said in February. It plans to allocate Rs 1,226 crore from the projected IPO proceeds for the same.