Ola Electric’s IPO Opens Today: Founder Bhavish Aggarwal Says EV Prices Will Drop Next Year, Company to Use In-House Batteries in Scooters
Ola Electric's IPO Opens Today: Founder Bhavish Aggarwal Says EV Prices Will Drop Next Year, Company to Use In-House Batteries in Scooters
- IPO Launch:
- Ola Electric's IPO is opening today.
- The price band is set at ₹72-₹76.
- This is India's first IPO in the EV industry.
- Battery Manufacturing:
- Ola's CEO, Bhavish Aggarwal, mentioned that the company will start using its own battery cells in scooters from next year.
- The manufacturing of NMC2170 cells has already begun.
- The 4680 cell is currently in the testing phase.
- Price Reduction:
- Experts suggest that if Ola uses its own cells, scooter prices could drop by 30-40%.
- Currently, the company imports battery cells from South Korea and China.
- Benefit from PLI Scheme:
- Ola has been approved for 20GWh lithium-ion cell production under the government's PLI scheme.
- Trial production has already started at the gigafactory.
- Gigafactory and Investment:
- Ola has invested $100 million in the Tamil Nadu-based gigafactory for large-scale battery cell production.
- Production capacity is planned to increase from 1.5 GWh to 20 GWh.
- Competition:
- Other Indian companies like Amara Raja and Exide Energy Solutions are also investing in lithium-ion cell manufacturing.
- Amara Raja has invested ₹9,500 crore.
Image: Ola's Gigafactory in Tamil Nadu where battery production is ramping up.
Timeline Overview:
- 2010: Bhavish Aggarwal, along with Ankit Bhati, started Ola.
- 2011: Ola received its first funding of ₹5 lakh from Kunal Bahl and 3 other investors.
- 2012: Tiger Global provided funding of $5 lakh.
- 2013: Matrix Partners and Tiger Global invested ₹2 crore.
- 2015: Ola became a unicorn and acquired taxi aggregator TaxiForSure.
- 2016: Ola launched its two-wheeler service in Bangalore.
- 2017: Ola raised $110 million in funding and acquired Foodpanda.
- 2018: Ola began its cab service in Australia.
- 2019: Ola Electric raised ₹25 crore in funding from SoftBank.
- 2020: Ola Electric raised ₹25 crore and started cab services in London.
- March 2021: Ola laid the foundation for its electric vehicle manufacturing factory in Tamil Nadu.
- August 2021: Ola launched the S1 and S1 Pro electric scooters, and booking began.
- October 2021: The Future Plant became operational, and the production of e-scooters started.
- December 2021: Delivery of the S1 electric scooter began.
- September 2022: Ola opened its first experience center and established a Battery Innovation Center for research and development.
- October 2022: Ola launched the S1 Air electric scooter.
- May 2023: Ola opened 500 experience centers in just 8 months.
- August 2023: Ola launched the S1 Pro Gen 2 electric scooter and introduced the S1 X and S1 X+ models.
Key Takeaways:
- Growth and Expansion: Ola has grown rapidly since its inception, not just in the cab service domain but also in the electric vehicle sector.
- Strategic Acquisitions: The acquisition of TaxiForSure and Foodpanda played a significant role in Ola's expansion.
- Global Reach: Ola expanded internationally, starting services in Australia and the UK.
- Focus on Electric Vehicles: In recent years, Ola has shifted its focus significantly towards electric vehicles, establishing manufacturing plants and launching multiple electric scooter models.
- Customer Engagement: Ola has prioritized customer engagement by opening experience centers and focusing on innovation in battery technology.
रगों में दौड़ते फिरने के हम नहीं क़ाइल
— Bhavish Aggarwal (@bhash) August 1, 2024
जब आँख ही से न टपका तो फिर लहू क्या है।
Loved reading this शेर today by मिर्ज़ा ग़ालिब!
Ola Electric is on a mission to electrify India with cutting-edge technology and a customer-first approach. Our journey continues as we expand our EV offerings. #OlaElectric #EVRevolution
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