Ola Electric Set to Unveil Electric Auto-Rickshaw Before IPO
Ola Electric, a prominent name in the electric vehicle sector, is set to expand its product lineup with the introduction of an electric auto-rickshaw, anticipated to be revealed later this month. The move marks a significant step for Ola Electric as it aims to cater to a broader market and contribute to the electrification of public transport in India.
The development of Raahi has been part of Ola Electric’s strategic planning for several years. The introduction of an electric auto-rickshaw into its portfolio aims to strengthen Ola’s position in the competitive landscape, where it will go head-to-head with established players such as Piaggio’s Ape e-city, Bajaj’s RE, and Mahindra’s Treo. These developments underscore Ola Electric’s commitment to innovating and expanding its reach within the rapidly growing EV market.
This forthcoming launch is not an isolated event but part of a series of planned announcements by Ola Electric. These announcements are anticipated to cover various strategic initiatives, including the establishment of a gigafactory. These moves are seen as preparatory steps ahead of the company’s planned initial public offering (IPO).
In the buildup to its IPO, Ola Electric has been proactive, filing a draft red herring prospectus (DRHP) in December with intentions to raise up to Rs 5,000 crore through a fresh issue of shares, in addition to offering 95.2 million shares for sale.
In tandem with its efforts to bolster its position in the EV market, Ola Electric recently announced significant price reductions across its range of electric scooters—the S1 X+, S1 Air, and S1 Pro. These price cuts, particularly the Rs 17,500 reduction on the flagship S1 Pro model, position Ola’s offerings as more accessible and competitive, especially against internal combustion engine (ICE) counterparts. The S1 Air and S1 X+ models also saw substantial price reductions, making electric mobility more affordable for a wider audience.
These strategic price adjustments come at a time when Ola Electric is experiencing significant growth in sales, with the company leading the EV two-wheeler segment. In February alone, Ola recorded approximately 35,000 unit registrations, achieving its highest ever monthly sales and demonstrating nearly 100 percent year-on-year growth compared to the same month the previous year. This surge in sales not only reflects the increasing consumer preference for electric mobility but also reinforces Ola Electric’s robust position in the EV market as it continues to innovate and expand its product range.