Ola Electric achieved a milestone in December 2023, recording its highest-ever monthly registrations at 30,219, thereby securing a substantial 40% market share in the EV 2W segment, as reported by the VAHAN Portal. The company exhibited remarkable year-on-year growth of 74%, comparing December 2023 to the same month in 2022. Additionally, a noteworthy quarter-on-quarter growth of 48% was posted, with a total of 83,963 registrations in the quarter ending December 2023, marking a 68% year-on-year increase compared to the corresponding quarter in 2022.
Anshul Khandelwal, Chief Marketing Officer at Ola Electric Technologies Private Limited, expressed confidence in the company's sustained market leadership, attributing it to a robust product lineup featuring the S1 Pro, S1 Air, and the S1 X+. Khandelwal highlighted the success of the "December to Remember" campaign, which significantly expanded Ola Electric's presence in the electric vehicle (EV) market.
In a significant achievement, Ola Electric set an industry-first production milestone by manufacturing 4,00,000 scooters within just two years. Furthermore, the company emerged as the first EV 2W manufacturer to surpass 2.65 lakh registrations in a calendar year, according to the VAHAN Portal.
Ola Electric recently diversified its scooter portfolio to include five products. The flagship premium EV scooter, S1 Pro (2nd Generation), is priced at Rs 1,47,499, while the S1 Air is available at Rs 1,19,999. The introduction of the S1X in three variants, namely S1 X+, S1 X (3kWh), and S1 X (2kWh), caters to the varied preferences of riders.
Notably, Ola Electric filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). According to sources cited by Moneycontrol, the fresh issue component is valued at Rs 5,500 crore, with an additional Rs 1,750 crore in the offer for sale (OFS) category. This move signals Ola Electric's strategic steps in the capital market as it continues to make waves in the electric mobility sector