Indian ride-hailing company Ola has received 1 million orders for its electric scooter, Bhavish Aggarwal, the company’s chief executive, said on Thursday.
Ola – which has a majority share of India’s ride-hailing market – plans to make the country a global electric vehicle hub, Aggarwal told the Reuters Next conference.
The company plans to go public in the first half of 2022 and is hoping to raise about $1 billion through the IPO, Aggarwal said.
In October, Ola Electric said it had raised more than $200 million through Falcon Edge Capital, SoftBank Group and other investors, giving the company a valuation of $3 billion.
Bangalore-based Ola said the funding would enable the company to accelerate development of other vehicle platforms, including an electric motorbike, mass-market scooter and an electric car.
“India has the talent and the capability to build technologies of the future for the industries of the future for the entire world,” Aggarwal said.
Ola Electric is building its Futurefactory – which it claims is the largest, most advanced two-wheeler factory in the world – on 500 acres in the Krishnagiri district of southern Tamil Nadu state.
Aggarwal said phase 1 construction is complete and the facility is undergoing production trials.
The FutureFactory is also the world’s largest factory that is entirely run by women. At full scale, it will have more than 10,000 female employees.
- Reuters, with George Russell
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