Get All Access for $5/mo

Ahead of IPO Ola Electric Converts To a Public Company The name of the firm has been changed to Ola Electric Mobility Limited from Ola Electric Mobility Private Limited, the regulatory filings showed

By S Shanthi

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Ola website

Bhavish Aggarwal-led Ola Electric has converted to a public company ahead of an initial public offering (IPO). According to filings with the Registrar of Companies, Bengaluru, on Friday, the company converted to Ola Electric Mobility Limited. "The name of the firm has been changed to Ola Electric Mobility Limited from Ola Electric Mobility Private Limited," the regulatory filings showed.

The conversion of a private limited company into a public company is a mandatory step for a company that wants to list on the stock exchange. Post this, the company will file a DRHP with SEBI, the market regulator. According to various news reports, the IPO may be in the range of $800 million to $1 billion.

The electric vehicle manufacturer raised INR 3,200 crore in a funding round mix of equity and debt from Temasek-led marquee investors and State Bank of India (SBI) recently. The company had said during that time that the funds would be utilized towards expansion of Ola's EV business and setting up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola Electric, the pure-play EV manufacturing vertical of ride-hailing giant Ola, is backed by Japan's Softbank and is one of the leading e-scooter companies in India. Despite many controversies, Ola Electric's escooter registrations jumped 18.6% MoM to 22,169 units in October, according to Vahan. Ola Electric competes with TVS Motor, Ather Energy, Bajaj Auto, Hero MotoCorp and Lectrix EV.

In December last year, Aggarwal said that 2023 and 2024 would witness the launch of more two-wheeler EV products, including a mass-market scooter, a mass-market motorcycle, and multiple premium motorcycles in sports, cruisers, adventure, and road bike categories.

S Shanthi

Former Senior Assistant Editor

Shanthi specializes in writing sector-specific trends, interviews and startup profiles. She has worked as a feature writer for over a decade in several print and digital media companies. 

 

News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Broadcom Stock Soars on AI Growth Outlook

Broadcom's next-generation AI chips, built with advanced 3-nanometer technology, are set to debut in the spring

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.