Last month, market regulator SEBI gave permission for Ola Electric’s IPO of about $660 million. This could be one of the biggest IPOs in the country. In September last year, Singapore’s investment firm Temasek invested in the company. For this, Ola Electric was valued at around $5.4 billion. Reuters’ report quoted sources as saying that the company’s valuation for the IPO may decrease. Ola Electric’s founder, Bhavish Aggarwal had set a target of six billion dollars for this.
Ola Electric’s sales in June grew by about 107 percent on a year-on-year basis. Last month, 36,716 units of the company’s electric scooters were registered. The company claims that its share in this segment is about 46 percent. Ola Electric’s sales grew by about 57 percent in the first quarter of the current financial year. The company’s sales in the first half of this calendar year have been more than two lakh units. It has become the first electric two-wheeler company to reach this figure in such a short period. Last month, the company updated its S1 X electric scooter with new features.
These features include Find My Scooter and Vacation Mode. This electric scooter does not have to be taken to the service center for software updates. Vacation mode is activated when the customer does not use the electric scooter for a long period. The company has made the S1 X available in 2 kW, 3 kW and 4 kW battery options. The certified range of its 2 kW battery variant is about 91 kilometers on a single charge. It takes 7.4 hours to charge its battery. It can accelerate from 0-40 kmph in about 4.1 seconds. Its top speed is about 85 kmph. It has three riding modes – Eco, Normal and Sports.
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Electric Vehicles, Manufacturing, Demand, Ola Electric, Market, Range, Funding, Battery, Electric Scooter, Factory, SEBI, IPO, Investors, Valuation
