Ola Electric News

₹49,437 crore as compared to 40 IPOs launched in 2022 raising ₹59,939 crore. Remarkably, the proportion of newly raised capital in IPOs for this year has surged to an eight-year high. These offerings experienced substantial gains upon listing, capitalizing on strong involvement from retail investors.

₹5,500 crore, on Friday, December 22. This marks the inaugural IPO from an Indian electric vehicle (EV) manufacturer and is notably the first IPO by a two-wheeler maker in India since the introduction of Bajaj Auto in 2008.

Ola IPO: Ola Electric, the Indian electric vehicle frontrunner, is revving up for its highly anticipated Initial Public Offering (IPO). However, the road ahead for investors isn't entirely clear.

Ola Electric filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on December 22. The proposed issue includes a fresh equity share release of up to ₹5,500 crore and an offer for sale (OFS) of 95,191,195 equity shares at a face value of ₹10. Bhavish Aggarwal, the founder of Ola Electric, is set to sell around 47.4 million shares in the SoftBank Group-backed e-scooter maker.

Ola Electric, is set to sell around 47.4 million shares in the SoftBank Group-backed e-scooter maker, as per the company's preliminary draft papers filed with SEBI on December 22. The proposed issue includes a fresh equity share release of up to ₹5,500 crore and an offer for sale (OFS) of 95,191,195 equity shares at a face value of ₹10.

general elections..," people aware of the matter were quoted as saying by ET. FirstCry is poised to become the second Indian vertical e-commerce platform to undergo an initial public offering (IPO), following Nykaa's IPO in 2021.

Tech Mahindra’s Indus project; AI4Bharat at IIT-Madras; Project Vaani–part of the Bhasha AI project of ARTPARK and the Indian Institute of Science’s pan-India language initiatives; Sarvam AI’s OpenHathi series; and CoRover.ai’s BharatGPT. Generative AI, or GenAI, refers to the ability of LLM-powered chatbots such as ChatGPT to create new content, including audio, code, images, text, simulations, and videos (hence the term, multimodal).

general elections. Ola declined to offer a comment on Mint’s queries. The Bengaluru-based electric vehicle maker was last valued at $5.4-5.5 billion in October when it raised $384.43 million, including about $240 million in debt, from Temasek and the State Bank of India.

electric vehicles. Legacy two-wheeler maker TVS Motor-backed Ultraviolette, which makes the performance electric bike F77, is set to enter European markets like Spain, Germany, Italy, and France. On the other hand, Hero MotoCorp-backed Ather Energy, which currently makes two models of its 450 series of electric scooters, started selling its vehicles in neighbouring Nepal earlier this month.

TVS Motor Co. Ltd and Bajaj Auto Ltd are swiftly closing the gap on startups such as Ola Electric, though it still retains the top position. TVS Motor became India’s second-largest electric two-wheeler maker several months ago and is rapidly closing the gap with Ola Electric, while Bajaj Auto emerged as No.3 in October, displacing Ather Energy to the fourth spot.

Paytm founder and CEO Vijay Shekhar Sharma has shared fruitful advice for those who are facing the problem of slow loading of messaging on WhatsApp. On the X platform, Sharma wrote, "If lately your WhatsApp is working very slow and takes time to load search results or super legged in opening sharing, etc, I have a solution". Sharma advised disconnecting the web linked to the desktop.

Paytm Founder and CEO Vijay Shekhar Sharma on Monday announced the launch of VSS Investments Fund for his private investments, with a total target corpus of Rs 30 crore.

₹30-crore fund to back artificial intelligence (AI) and electric vehicle (EV)-related startups operating in India. The size of the Category II Alternate Investment Fund (AIF) ‘VSS Investments Fund’ approved the by the Securities and Exchange Board of India (Sebi) is ₹20 crore, along with a green shoe option of ₹10 crore. Follow-on investments for Sharma’s current portfolio in consumer and B2B technology space will also come from this fund, he said in a statement.

Paytm founder and chief executive Vijay Shekhar Sharma has launched a ₹30-crore ‘VSS Investments Fund’ to invest in Indian artificial intelligence (AI) and electric vehicle (EV) startups. The total size of the Sebi-approved, Category II Alternate Investment Fund (AIF) is ₹20 crore with a green-shoe option of ₹10 crore, bringing the total corpus to ₹30 crore.

Taiwanese company Acer, which sells laptops and other electronic hardware products, has entered India's electric scooter segment and will be marketing vehicles designed and manufactured by urban mobility startup Think Ebikego. The company unveiled its first electric scooter MUVI 125 4G on Sunday priced at Rs 99,999. Under a licencing agreement, Mumbai-based Think Ebikego will produce electric two- and three-wheelers for Acer in the Indian market.

Ola Electric, Ather Energy, TVS Motor Company, and Hero MotoCorp have collectively deposited ₹129.30 crore with IFCI Ltd, a state-run non-banking finance company. This is part of the ₹312.42 crore in total refunds these companies need to make to electric two-wheeler (e2w) buyers following allegations of mispricing and wrongful claims of government subsidies. According to a top official at the heavy industries ministry, a sum of ₹183.15 crore has been paid back to e2w buyers so far.

placement season, EV companies and startups as well as commercial vehicle makers with EV businesses are revving up hiring at engineering colleges for research and development (R&D), design, production and techno- managerial roles, among others. Placement cells at campuses such as NIT Calicut, NIT Warangal, and MNIT Jaipur, which have started final placements, said demand for talent has soared from these companies. The EV industry's strong appetite for talent is a positive sign in a year when overall tech hiring has been hit hard, and many companies across sectors are cutting back on hiring. Some colleges have even given coveted Day Zero slots to recruiters from the EV industry, signalling the popularity they enjoy among students. Tata Motors, Hero MotoCorp, Maruti Suzuki, Bajaj Auto, and Ola Electric, are among automakers recruiting from campuses such as MNIT Jaipur and IIT-BHU. «A tectonic shift towards EVs, particularly two-wheelers, has been happening. These companies need to expand hiring numbers, particularly in areas such as battery management, thermal management, power electronics, power systems etc,» said Praveen Sankaran, chairperson of Centre for Career Development at NIT Calicut. Chetak Technology — a wholly-owned unit of Bajaj Auto providing sustainable mobility solutions-, Tata Motors, and Caterpillar are among those that have rolled out offers for EV roles at NIT Calicut. In some cases, hiring numbers have doubled or even quadrupled over last year, said Sankaran.

Ather Energy posted a more than fourfold rise in operating revenue to Rs 1,783 crore in the financial year ended 31 March, even as net loss widened more than twofold to Rs 864 crore because of a sharp increase in expenses. The electric scooter maker, backed by Hero MotoCorp Ltd, had recorded an operating revenue of Rs 408 crore on loss of Rs 344 crore in FY22.

₹100 crore in the equity share capital of its wholly owned subsidiary—Exide Energy Solutions Ltd—through a rights issue. It is under this subsidiary that Exide is setting up a plant to manufacture lithium-ion cells. The plant is yet to start operations and once it scales up it would add to Exide’s earnings.

Singapore based Temasek has invested $140 million in Ola Electric at a valuation of $5.4 billion. The development comes as part of an ongoing round to raise $250 million ahead of the e-scooter maker's initial public offering. Reports quoting sources indicated that there could be another round of fund raising before Ola Electric files papers for an up to $1 billion IPO.

Temasek led a $140 million funding round in India's Ola Electric at a valuation of $5.4 billion, two sources with the direct knowledge said, the latest funding for the e-scooter maker before its initial public offering. The investment round has been closed and Ola will be receiving the funds within a week's time, though there will be another round of fund raising before it files papers for an up to $1 billion IPO planned for late 2023, said the first source. Ola did not respond to a Reuters request for comment, while Temasek, which is an existing investor in Ola Electric, declined to comment. Ola Electric, founded by Bhavish Aggarwal and backed by Japan's SoftBank Group, has become India's e-scooter market leader with a 32% share, competing with Ather Energy as well as companies such as TVS Motor and Hero Electric. Valued at $5 billion last year, Ola sold around 95,000 e-scooters during April-August 2023, industry data showed.