Ola Electric Opens 450th Service Centre, Will Increase its Fast Chargers

The number of service centers of Ola Electric, one of the big electric two-wheeler companies, has increased to 450. The company has opened the 450th service center in Prayagraj, Uttar Pradesh. Its aim is to increase the number of service centers to 600 by the end of April. The company also plans to expand its fast charging network.

It has also introduced a portable fast charger. The price of this 3 kW charger is Rs 29,999. Ola Electric has achieved its highest monthly sales in February. Last month the company’s sales were around 35,000 units. This is a growth of almost 100 percent on year-on-year basis. Its market share has increased to 42 percent.

Ola Electric has sold around one lakh units in the last three months. Recently the company offered an extended warranty of up to eight years or 80,000 kilometers for electric scooters. It sells S1 Pro, S1 Air, S1 X+ and S1 Ola Electric has set up a factory in Krishnagiri, Tamil Nadu for the manufacturing of Lithium Ion cells. When this factory reaches its full capacity, approximately 25,000 people will get employment. The capacity of this factory will be 100 GWh. Its initial capacity will be 5 GWh.

Ola Electric plans to raise $662 million through Initial Public Offering (IPO). In this, along with issuing new shares, shares of existing investor SoftBank of Japan will also be sold. The company will use some part of the funds received from this IPO for the expansion of the factory manufacturing lithium ion cells. Last year, the company had secured new funding and for this Ola Electric was valued at $ 5.4 billion. Last year the company had sold about 2.65 lakh units. It has become the first company in this industry to manufacture four lakh electric scooters in two years of starting business. Ola Electric is also preparing to launch electric motorcycle and electric car. Sales of electric scooters have increased rapidly in the last few years. Competition has also increased in this segment.