By the end of 2023, Indian electric vehicle leader Ola Electric plans to list on the stock market for the first time. The company has also hired Indian domestic bank Kotak Mahindra and investment banking firm Goldman Sachs to handle the share sale, according to people who spoke to Reuters. Ola Electric creates e-scooters with electricity. Bhavish Aggarwal, the owner of Ola Cabs, a ride-hailing service, launched the business. More investment banks will be included, according to sources, as the deal gets closer. The EV powerhouse would seek a valuation more than $5 billion, the person added, though it has not yet decided how much it will raise in the IPO or what valuation it will seek.
It will be “difficult,” the source acknowledged, to file its draught documents, market to investors, and list by the end of the year, but Aggarwal was adamant about the deadline. According to reports, Ola Electric’s most recent fundraising took place a few days ago when it raised $300 million at a $6 billion value. According to a business newspaper, a sovereign wealth fund and Ola’s steadfast supporter SoftBank led this round. Officially, the business’s most recent round was when it received $200 million in January 2022 from investors including Edelweiss, Alpine Opportunity Fund, and Tekne Private Ventures.
“We attempted to list it last year, but we were unsuccessful. We’ll soon complete it. Then, Ola Electric has overtaken four-wheeler EV firms as the largest EV company in India in terms of revenue, and last year we expanded our production, front-end, and back-end. We commenced sales in January of last year. We at Ola Electric had a very active year last year. It’s a large project, and it was thrilling. In regards to India’s need to lead the world in electrification, I have been quite optimistic—not just hopeful, but also proactive. BT tried to get in touch with the business for a response but was unsuccessful.