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

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

Entrepreneur Staff

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. 

 

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Starting a Business

3 Things to Consider Before Your Perfect Business Partner Becomes Your Perfect Disaster

There are many reasons for start-up businesses' high failure rate, including lack of cash, not doing enough research and poor marketing. But this one reason is definitely not getting enough attention.

Living

Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Buying / Investing in Business

I'm a VC With Over 50 Startup Investments. Here Are the 4 Secrets to Securing Funding for Your Ventures.

Investor relationships are crucial in most businesses, but navigating them is no walk in the park. These insider tips from a former founder and current venture capitalist reveal how entrepreneurs can tap into the investor mindset and masterfully manage investor relations.

Marketing

SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.