Ola Electric, led by Bhavish Aggarwal, announced a remarkable 107% year-on-year growth in electric vehicle (EV) two-wheeler registrations for June 2024. According to the government’s VAHAN Portal, the company recorded 36,716 registrations during the month, reflecting a strong performance. This growth extends beyond June, with Ola Electric achieving a 57% increase in registrations during the first quarter (Q1) of FY25 compared to Q1 FY24, registering over 1.08 lakh registrations in the quarter ending June 2024.
Ola Electric’s Chief Marketing Officer, Anshul Khandelwal, attributed the company’s consistent market leadership to its comprehensive S1 portfolio, offering diverse product options across attractive price points, making EVs accessible to a wider audience.
The company has also achieved a significant milestone by surpassing 2 lakh registrations in CY2024, becoming the first EV two-wheeler company to reach this landmark within the first half of a calendar year. As of now, Ola Electric has recorded over 2.28 lakh registrations in 2024.
Ola Electric’s expansive S1 portfolio consists of six offerings, including the recently launched S1 X series, which caters to the mass-market segment. Available in three battery configurations – 2 kWh, 3 kWh, and 4 kWh, the S1 X scooters are priced at Rs 74,999, Rs 84,999, and Rs 99,999, respectively.
In a further boost to Ola Electric’s growth, the company has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). Ola Electric’s public issue comprises a fresh issue of Rs 5,500 crore and an offer-for-sale (OFS) of 9.51 crore equity shares, as per the draft red herring prospectus. This IPO is poised to play a pivotal role in the company’s future expansion and growth initiatives.
