Ola Electric Sells 35,000 Units in February, Its Market Reaches to 42 Percent

Ola Electric has sold around one lakh units in the last three months. It has 414 service centres. There is a plan to increase the number of these service centers to 600 by April. Recently the company offered an extended warranty for electric scooters up to eight years or 80,000 kilometers. It sells S1 Pro, S1 Air, S1 X+ and S1 Anshul Khandelwal, Chief Marketing Officer of the company, said, “We are continuously growing in registrations and market share. We have maintained our leadership position in the market. The company’s growth is driven by expanding the portfolio of S1 scooters and providing affordable prices to the customers. The choice to buy quality electric scooters at great prices is a big contributor to this.”

Ola Electric has set up a factory in Krishnagiri, Tamil Nadu for the manufacturing of Lithium Ion cells. This Gigafactory will provide employment to approximately 25,000 people when it reaches its full capacity. The capacity of this factory will be 100 GWh. It will be started with a capacity of 5 GWh. Ola Electric plans to raise $662 million through Initial Public Offering (IPO). In this, along with issuing new shares, shares will also be sold by the existing investor SoftBank of Japan.

Last year, the company had secured new funding and for this Ola Electric was valued at $ 5.4 billion. The company had sold about 2.65 lakh units of electric scooters last year. It has become the first company in this industry to manufacture four lakh electric scooters in two years of starting business. It also plans to launch electric motorcycles and electric cars. It has also prepared to sell portable chargers to customers purchasing electric scooters. The price of this charger will be around Rs 30,000. The company has prepared to increase the number of its fast chargers to 10,000.