News Post

IPO-Bound Ola Electric Bags PLI Automotive Certificate From ICAT

Inc42

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Ola Electric has received a PLI-Automotive Certificate from ICAT, enabling its Ola S1 Pro (Gen2) two-wheeler to avail incentives under the production-linked incentive (PLI) scheme. The vehicle met the criteria for a minimum domestic value addition of 50% for the Automotive PLI certificate. The PLI scheme offers incentives for up to five consecutive financial years, ranging between 13% and 18% of the determined sales value. Ola Electric recently filed a draft red herring prospectus for an IPO, with plans to raise INR 7,250 Cr. In FY23, the company reported losses of INR 1,472 Cr and revenues of INR 2,630 Cr.

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