Ola Electric races to file DRHP in two weeks
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.
However, it is expected to seek a valuation of nearly $8-10 billion when it hits the public markets to raise about $700 million. Ola Electric has been the market leader in India’s electric two-wheeler market for the past 12 months, even as competition from TVS Motor Company, Bajaj Auto and Hero MotoCorp is now intensifying. In November, data from vehicle registration dashboard Vahan showed Ola Electric led the pack with 29,764 units registered—a substantial 32.6% market share.
TVS Motor followed with 20.8%, trailed by Bajaj Auto (12.8%), Ather Energy (10.1%), and Greaves Electric (formerly Ampere, at 4.8%). At the same time, Ola Electric, which sold 150,000 e-scooters in FY23, has cut down its sales estimates from 2.5-5 million units in FY25 and beyond, to 900,000 units in FY25 and 300,000 units in FY24, company papers with Ola’s FY25 business projects showed. Mint saw a copy of the financial highlights from its projected FY25 business model.
The papers also highlight that the company expects to improve its Ebitda margins from negative 157% in FY22, and negative 43% in FY23 to (positive) 6.6% in FY26. To hold on to its lead in e-scooters, the company is rolling out products at steep discounts to lure in new, price-sensitive buyers. Its most affordable product, the S1 X+, is now available with a flat ₹20,000 discount, bringing down its ex-showroom cost to ₹89,999 and making it one of the most affordable e-scooters in the market.
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