Ola Electric transitions to a Public Limited Company as it prepares for IPO
New Delhi: Ola Electric is getting ready to sell its shares to the public soon. To do this, it changed its company type from private to public, according to regulatory filings.
This was documented in the regulatory filings. Converting from a private limited company to a public company is a prerequisite for listing on the stock exchanges.
The company recently announced the successful closure of INR 3,200 crore of funding as a part of its equity and debt rounds raised from Temasek-led marquee investors and project debt from the State Bank of India, respectively. The funds raised would be utilized towards the expansion of Ola’s EV business and the establishment of India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
Ola Electric is India’s leading manufacturer of electric vehicles (EVs) and stands to have a market share of almost 35%. With a focus on continuous innovation, it aims to move the world towards sustainable mobility with advanced electric vehicles manufactured at its Futurefactory.
The government chose Ola Electric as the only Indian company that makes electric vehicles (EV) for a big plan to support battery production. Ola Electric got the highest amount of 20 GWh for making batteries. The plan will help India become more independent and control the most important parts of making EVs. Ola’s new factory in Tamil Nadu will be the first place in India to make a special type of battery called lithium-ion. It will start with making 5 GWh of batteries in the first stage and then increase to 100 GWh in later stages.
Ola Electric also added five new scooters to its products. They cost from INR 89,999 to INR 1,47,499. Ola showed them in a big event last month. The scooters are called S1 Pro, S1 Air, S1X+, S1X (3kWh), and S1X (2kWh). They use a new and better technology called Gen-2. They are some of the best EVs you can buy for different prices in the market.