Ola Electric: Record March registrations; FY24 ends with 115% growth.

On Monday, Ola Electric announced a record-breaking over 53,000 registrations in March, marking the highest monthly volumes for the fifth consecutive month. As the company gears up for an initial public offering (IPO), it continues to assert its market leadership, with 328,785 units registered in FY24, a significant increase from the previous year’s 152,741 units. In the March quarter alone, the company witnessed 119,310 registrations, compared to 84,133 units in the preceding quarter.

Anshul Khandelwal, Ola Electric’s chief marketing officer, emphasized the robustness of the scooter portfolio, citing nearly 1.20 lakh registrations in Q4 FY24 as a testament to their growth trajectory and commitment to India’s electrification journey.

In February, the company introduced new variants of its S1 X scooter, along with extended warranty options for all products and an expansion of charging and servicing networks. Recent reports reveal that Ola Electric raised Rs 410 crore ($50 million) through non-convertible debentures from EvolutionX Debt Capital, adding to its financial arsenal ahead of the IPO. Previously, it secured $240 million in debt financing from the State Bank of India in October 2023.

With plans to raise up to Rs 5,500 crore through a fresh issue, Ola Electric aims for a valuation of $7-8 billion through the IPO. The company also explores new avenues, such as the imminent launch of an electric autorickshaw named Raahi, designed for direct consumer sales. Additionally, it is developing its gigafactory to manufacture battery cells, allocating Rs 1,226 crore from projected IPO proceeds for this endeavor, as revealed by founder and CEO Bhavish Aggarwal in February.