Ola Electric’s Impressive Q1 FY24 Sales Set the Stage for Ambitious IPO

Navigating the Electric Highway: Ola Electric’s Q1 Triumphs and the Road to IPO Success


In a significant move towards its ambitious expansion plans, Ola Electric Mobility, under the leadership of Bhavish Aggarwal, has recently filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO aims to raise a substantial INR 5,500 Cr by issuing new shares, marking a pivotal moment for the electric mobility giant.

Q1 FY24 Performance:

The financials for the first quarter of the fiscal year 2024 paint an intriguing picture of Ola Electric’s growth trajectory. Clocking sales of INR 1,242.7 Cr, the company nearly achieved 50% of its total revenue for the entire FY23 in just three months. This impressive performance underscores the growing demand for electric vehicles and the effectiveness of Ola Electric’s business strategy.

Expenditure and Procurement:

However, amidst the stellar sales figures, Ola Electric reported a loss of INR 268 Cr during the same period. This loss is balanced against a total expenditure of INR 1,460.7 Cr, with INR 1,109.4 Cr allocated for procurement in the first quarter of FY24. Understanding the dynamics of this expenditure and how it aligns with the company’s future plans will be crucial for potential investors.

IPO and Offer-for-Sale (OFS):

As part of the IPO, Ola Electric plans to raise INR 5,500 Cr through new share issuances. Additionally, existing investors, including Bhavish Aggarwal himself, will participate in a significant offer-for-sale (OFS) component, involving over 10 Cr equity shares. This dual approach to fundraising showcases the confidence of both the company and its investors in Ola Electric’s future growth and sustainability.

Future Prospects:

The decision to go public comes at a time when the global shift towards sustainable and electric transportation is gaining momentum. Ola Electric’s IPO is expected to attract considerable attention from investors eager to capitalize on the booming electric vehicle market. The funds raised through the IPO will likely be directed towards further expansion, research and development, and solidifying Ola Electric’s position as a key player in the electric mobility sector.


Ola Electric Mobility’s remarkable sales performance in Q1 FY24, coupled with its strategic move towards an IPO, positions the company at the forefront of the electric vehicle revolution. As the world embraces a greener future, Ola Electric’s journey from inception to IPO stands as a testament to the growing importance of sustainable transportation and the pivotal role innovative companies play in shaping our future. Investors and industry enthusiasts will undoubtedly keep a close eye on Ola Electric’s trajectory as it enters this new and exciting phase in its corporate journey.

Leave a comment