Transforming a private limited company into a public one is required for a company aiming to list on stock exchanges.
The company’s name is now Ola Electric Mobility Limited, a shift from its former name, Ola Electric Mobility Private Limited. As India’s top electric vehicle (EV) manufacturer with a 35% market share, Ola Electric focuses on sustainable mobility through continuous innovation. Its Futurefactory in India is a major facility for EV two-wheeler production.
The company recently secured INR 3,200 crore in equity and debt funding, led by Temasek and the State Bank of India, to expand its EV segment and establish India’s first lithium-ion cell factory in Krishnagiri, Tamil Nadu.
Ola Electric is the sole Indian EV company chosen for the government’s cell PLI scheme, with a capacity of 20 GWh. This scheme aims to enhance India’s self-reliance in the EV sector. The Krishnagiri factory will start with a 5 GWh capacity, which is planned to increase to 100 GWh.
The firm recently broadened its scooter range to five models, priced between INR 89,999 and INR 1,47,499. These new scooters, including the S1 Pro, S1 Air, S1X+, S1X (3kWh), and S1X (2kWh), were introduced at Ola’s flagship event and are based on a cutting-edge Gen-2 platform.