Ola Electric is all set to launch its first electric vehicle (EV) in India in the month of August. The company plans to raise Rs 5,500 crore through the IPO. Some of this money will be raised by issuing new shares and the rest will be sold by existing shareholders. The IPO has been approved by SEBI.
Ola Electric had earlier described itself as a $5,500 crore company, but now it is reducing it to between $4,200 and $4,400 crore. The company has so far raised over $1 billion in funding, including from major investors such as SoftBank and Temasek.
As of March last year, the company earned Rs 5009.8 crore but also incurred a loss of Rs 1584.4 crore Ola Electric is the number one seller of electric scooters and has a market share of 44%. The company sold 36,716 scooters in June. Ola has now decided to focus only on scooters and motorcycles and has put on hold plans to make electric cars. Earlier, other SoftBank companies like Paytm and Zomato have also come up with IPOs.
