Ola Electric founder Bhavish Aggarwal has become one of the world’s youngest billionaires after his company’s successful initial public offering (IPO). Aggarwal’s net worth skyrocketed by a staggering $1.4 billion (approximately Rs 11,752 crore) following the IPO, which saw shares of Ola Electric surge by 16% on their debut. This surge propelled his total net worth to $2.6 billion (Rs 19,310 crore), according to the Bloomberg Billionaires Index.
Prior to Ola Electric Mobility Limited’s public listing, Aggarwal held a significant 36.94% stake in the company, representing over 1.36 billion shares. While he did sell off a portion of his holdings during the IPO, the value of his remaining shares is estimated at a substantial $1.44 billion (Rs 12,087 crore).
Ola’s IPO, backed by prominent investors like SoftBank Group Corp. and Tiger Global Management LLC, raised a hefty $733 million, marking India’s largest IPO in two years. The company’s shares experienced a further 20% rise in post-IPO trading, valuing Ola Electric at $4.8 billion.
Aggarwal has drawn parallels between Ola Electric and Elon Musk’s Tesla, highlighting Ola’s comprehensive approach to designing and manufacturing both its scooters and their batteries. He was already listed on Bloomberg’s wealth index of the world’s top 500 billionaires prior to the IPO, solidifying his place among the elite group of billionaires under the age of 40.
Founded in 2017, Ola Electric is now a leading electric two-wheeler manufacturer in India. The company’s success underscores the growing demand for electric vehicles in the country and Aggarwal’s vision for a greener future.
