Ola Electric Revamps Corporate Structure As It Looks To Go Public
Bengaluru-based electric vehicle company Ola Electric is gearing up for its IPO and restructuring its corporate structure to convert itself from a private limited company to a public company.
The restructuring of the company is a crucial step for the company as it wants to list on the stock exchange. The name of the company has now been changed to Ola Electric Mobility Limited from Ola Electric Mobility Private Limited.
Earlier, the EV maker had bagged 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 utilised towards the expansion of Ola’s EV business and setting up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
The company has been long planning to go public, and according to industry sources it’s aiming to list itself before end-2023. At present, Ola Electric has close to 35 per cent market share in the electric two-wheeler space and plans to launch e-motorcycle and e-passenger vehicles soon.
It was also shortlisted under the central government’s ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh. The ACC PLI scheme is expected to play a key role in making India self-reliant and localising the most critical aspects of the EV value chain. Ola’s Future factory in Krishnagiri, Tamil Nadu has an initial capacity of 5 GWh in phase I which will be further scaled up in phases to 100 GWh at full capacity.
Ola Electric recently expanded its scooter portfolio to five products, with prices ranging from INR 89,999 to INR 147,499. Unveiled as part of Ola’s annual flagship event last month, the S1 Pro, S1 Air, S1X+, S1X (3kWh), and S1X (2kWh).