Ola Electric Sets Record With Over 2.65 Lakhs Registrations For EVs
Ola Electric, a company making electric scooters, has reached a big milestone before they plan to launch their Initial Public Offering (IPO). As you know, an IPO is when a company's shares are offered to the public for the first time.
Ola Electric has set a record as the first electric two-wheeler (EV 2W) company in India to have over 2.65 lakh registrations in one year.
This information comes from the VAHAN Portal, a government database for vehicle registration.
On January 1, Ola Electric shared some exciting news. In December 2023, they had the highest number of registrations for a single month, with 30,219 scooters. This means they had a 40% market share in the electric two-wheeler market in India.
Compared to December 2022, they grew by 74 percent. Also, if we compare the last quarter of 2023 with the same time in 2022, they grew by 68 percent. During the last three months of 2023, they registered 83,963 scooters.
Anshul Khandelwal, the Chief Marketing Officer at Ola Electric, said their success is due to their strong range of products like the S1 Pro, S1 Air, and S1 X+. Their campaign called 'December to Remember' was very successful in getting more people to use electric vehicles.
In December, Ola Electric also achieved a big production goal. They made 4,00,000 scooters in just two years. No other electric scooter company in India has done this before.
Ola Electric now offers five different scooters. The S1 Pro, their top model, costs Rs 1,47,499. The S1 Air is cheaper at Rs 1,19,999. They also introduced the S1X in three versions to suit different needs.
Ola Electric seems ready to enter the stock market. They have submitted their draft red herring prospectus with SEBI, the organization that regulates the Indian stock market.
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