Ola Electric soars to $7 billion valuation on e-motorcycle launch, battery plan
The Hindu
Ola Electric Mobility surged 20% on Friday to reach a valuation of $6.99 billion.
India's top e-scooter maker Ola Electric Mobility surged 20% on Friday to reach a valuation of 586.64 billion rupees ($6.99 billion), after it launched a new line of motorcycles and on bets it will lower costs by using its own batteries.
The e-motorcycle launch is set to intensify competition in the world's second-largest two-wheeler market, where Ola Electric will face off with bigger rivals like Bajaj Auto , TVS Motor and Hero Motocorp.
Two-wheelers dominate Indian roads, with 18 million units sold last year.
Ola Electric, which listed its shares on August 9 after a $734 million initial public offering (IPO), has seen its shares jump 75% over the launch price of ₹76.
It was valued at $5.4 billion in a September 2023 pre-IPO funding round. But Ola Electric had slashed its valuation target to $4 billion for its IPO due to a correction in global tech companies and to attract participants to the stock offering.
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The e-scooter maker's plan to build an "all-important" battery and its efforts to make most of its EV parts in the country should attract investors looking to play the electrification theme in India, HSBC said in a note.
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