Set to File IPO Papers before end of December
Ola Electric has enlisted the services of Kotak Mahindra Capital and Goldman Sachs for its IPO scheduled for early 2024, incorporating a mix of primary and secondary share offerings.
A recent funding round of Rs 3,200 crore, comprising equity from prominent investors and debt from the State Bank of India, highlights the company's dedication to advancing India's electric vehicle landscape.
Ola Electric envisions sales reaching 0.3 million units in FY 24, with a substantial increase to 0.9 million units by FY 25. Despite a noteworthy 510% surge in consolidated revenue to Rs 2,782 crore in FY23.
On December 6, Ola Electric unveiled ambitious financial goals, targeting EBITDA profitability of Rs 803 crore in FY25. It aims to reduce EBITDA loss to Rs 950 crore in FY24, projecting a revenue of Rs 4,655 crores in the same fiscal year.