Ola Electric, led by founder Bhavish Aggarwal, created a historic milestone in the Indian financial landscape by submitting draft papers for its IPO on December 22, 2023.

With an estimated valuation of $5.4 billion in 2023 and the support of notable investors, Ola Electric’s IPO has garnered substantial interest.

Ola Electric strategically expanded its technological portfolio by acquiring Etergo, gaining access to crucial electric vehicle technology, including the innovative swappable battery technology.

Strategic Acquisitions

Etergo Acquisition (2020)

Ola Electric forged a crucial partnership with Siemens to create a state-of-the-art electric vehicle manufacturing facility in Tamil Nadu. With an annual production capacity of two million electric vehicles. 

Key Partnerships

Siemens Partnership

The company’s electric scooter lineup includes three models, Ola S1 Pro, Ola S1 Air, and Ola S1X, along with the X+ variant. Notably, the S1X variant offers flexibility with 2kWh and 3kWh battery pack options.



The company’s latest financial report reveals a total debt of Rs 1,617 crore in FY24. The primary objective of the IPO is to utilize the proceeds to significantly reduce existing debts and repay loans owed by subsidiaries to banks.


1. Ongoing Financial Performance 2. Product Quality 3. Inventory Management 4. Expansion Challenges 5. Supply Chain Vulnerabilities


Ola, the Indian E2W OEM, sees promising export prospects in Africa, Latin America (LATAM), and Southeast Asia (SE Asia). Global expansion offers substantial potential for growth.