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Ola Electric Injects INR 199 Crore into Battery Subsidiary, Approves Overdue Payables Conversion
OutlookIndia
·
3m ago
Medial
Ola Electric plans to inject Rs 199 crore into its battery subsidiary, Ola Cell Technologies, through the acquisition of 19.9 crore compulsory convertible preference shares (CCPS) at Rs 10 each, concluding by April 2025. Additionally, the company will convert Rs 61.2 crore of overdue payables into 6.12 crore CCPS. Ola Electric faced scrutiny from the Ministry of Heavy Industries amid discrepancies in sales figures and continues addressing inquiries and regulatory concerns.
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Bhavish Aggarwal’s Inner Circle: The Key People Driving Ola Electric
Inc42
·
10m ago
Medial
Ola Electric, the subsidiary of Ola, is aiming to create a vertically integrated EV stack. The company includes three major components: manufacturing, battery or cell manufacturing, and EV infrastructure such as charging stations. Ola Electric's stock price reached an all-time high shortly after its listing but has now settled around the INR 110 mark. CEO Bhavish Aggarwal and Ramkripa Ananthan and Vishal Chaturvedi are among the key figures in the company, while there have been recent exits in the top management. Ola Electric sold 3.26 lakh two-wheelers in FY24 but also faced a net loss of INR 1,584 Cr.
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Bhavish Aggarwal-Led Ola Electric Eyes New Fundraising Round After IPO
OutlookIndia
·
1m ago
Medial
Ola Electric, led by Bhavish Aggarwal, is considering a new fundraising round as its stock and market cap decline. The board meeting on May 22 will discuss raising funds through non-convertible debentures or similar instruments. This would be Ola Electric's first capital raise since their IPO. Recently, they approved a Rs 199 crore capital infusion into Ola Cell Technologies. The company is also facing regulatory scrutiny for alleged deficiencies in their electric two-wheelers.
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Ola Electric Slashes Prices Of S1 X Escooters, Deliveries To Begin Next Week
Inc42
·
1y ago
Medial
Ola Electric, led by Bhavish Aggarwal, has reduced the prices of its electric scooters in an effort to boost sales and increase electric vehicle adoption. The S1 X range, available in three battery configurations, will now be priced at INR 69,999, INR 84,999, and INR 99,999 respectively. Ola Electric also announced the introduction of a portable fast charger accessory and revealed that it had reached a registration milestone of 5 lakh units. These developments come as Ola Electric moves towards its IPO, having filed its DRHP in December 2023.
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Why Ola Electric’s Road To Profits Is Long And Rocky
Inc42
·
8m ago
Medial
Ola Electric, the EV subsidiary of Ola, faces challenges in turning its market share into profitability. The company heavily invested in manufacturing facilities, which will pay off in the next few years. However, it needs to address issues related to poor servicing and product quality to ensure customer satisfaction and prevent negative word-of-mouth. Battery manufacturing is another complex and capital-intensive aspect that can delay profitability. Ola Electric must clarify its stance on these challenges to gain trust from shareholders and investors. Despite competition in the industry, CEO Bhavish Aggarwal remains confident in the company's growth.
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Ola Electric rolls out lower prices of S1 X range to challenge Ather’s Rizta
Thehindubusinessline
·
1y ago
Medial
Ola Electric, the IPO-bound electric vehicle manufacturer, has reduced the prices of its S1 X portfolio scooter range by up to INR 10,000. The S1 X (2kWh) is now priced at INR 69,999, while the 3kWh and 4kWh variants will cost INR 84,999 and INR 99,999 respectively. The company has also announced revised prices for S1 Pro, S1 Air, and S1 X+ models. Ola Electric achieved its highest-ever monthly sales in March with 53,184 registrations. The company also offers an extended battery warranty and add-on warranty for its products. Additionally, it has introduced a portable fast charger accessory priced at INR 29,999. Ola Electric plans to establish an EV hub in Tamil Nadu.
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Charging Up: Goldman Sachs, BofA Securities Initiate Coverage On Ola Electric With ‘Buy’ Rating
Inc42
·
10m ago
Medial
Goldman Sachs has given a price target of INR 160 for Ola Electric, indicating a potential upside of over 48% from the previous close. The brokerage predicts faster revenue and volume growth for Ola Electric compared to its peers in the Indian electric vehicle (EV) 2-wheeler market, expecting EBITDA to break even by FY27E. This growth is driven by a decrease in battery pack prices.
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Ola Electric unveils four new electric bikes following S1 X scooter launch
Startup News FYI
·
1y ago
Medial
Ola Electric has unveiled four upcoming electric bike models – Ola Cruiser, Ola Roadster, Ola Adventure, and Ola DiamondHead – set to launch by late 2024. Each model targets different riding preferences, with Ola emphasizing that the future of motorcycling will be shaped in India for the world. Despite recent advancements, Ola reported a significant net loss of INR 784.1 Cr in FY22, raising questions about meeting its FY23 financial goals. The move into the electric motorbike market puts Ola Electric in competition with both domestic and global brands.
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Ola Electric to invest $100 million in gigafactory
Economic Times
·
1y ago
Medial
Ola Electric, an IPO-bound company, plans to invest $100 million in building its gigafactory for lithium-ion battery cells. The investment will be used for the initial phase of setting up 1.5 GWh of cell manufacturing capacity. Ola Electric aims to have its own battery cells in its electric scooters by next year, with plans to expand capacity to 5 GWh. The company recently received certification for the battery cells and is also working on solid-state batteries. Ola Electric will likely supply cells to other electric two-wheeler makers and renewable energy firms.
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Ola Electric gets $50 million in debt financing from EvolutionX Cap
Economic Times
·
1y ago
Medial
Indian electric two-wheeler manufacturer, Ola Electric Mobility, has raised ₹410 crore (approximately $50 million) through non-convertible debentures from EvolutionX Debt Capital, as per regulatory filings. EvolutionX, backed by DBS and Temasek, has previously invested in Indian internet companies such as Udaan, Mensa Brands, PharmEasy, and LendingKart. This funding comes after Ola Electric had secured $240 million in debt financing from the State Bank of India in 2023. The company aims to raise up to ₹5,500 crore ($737 million) through its upcoming IPO, targeting a valuation between $7-8 billion. Ola Electric also plans to invest ₹500 crore into its subsidiary, Ola Electric Technologies.
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EV maker Greaves Electric Mobility files for IPO
VCCircle
·
6m ago
Medial
Indian electric vehicle manufacturer Greaves Electric Mobility has announced its plans to raise INR 10 billion ($117.5 million) through an initial public offering (IPO). The company, known for its 'Ampere' brand of e-scooters and three-wheelers, aims to utilise the proceeds for product research and development, battery assembly capabilities, and to boost manufacturing capacity. Greaves Electric joins Ather Energy and Ola Electric Mobility in the growing trend of EV companies in India seeking to raise funds through IPOs.
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