Ola Electric Mobility Limited is an electric vehicle company that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors, and vehicle frames at the Ola Future factory.

Since August 2021, the company has launched seven new products and announced four. The Ola S1 Pro, the first EV model, was delivered in December 2021, followed by the Ola S1, Ola S1 Air, Ola S1 X and Ola S1 X+ in the following years. On August 15, 2023, the company announced new EV models and a range of motorcycles including Diamondhead, Adventure, Roadster, and Cruiser.

As of October 31, 2023, the company operates its “omnichannel distribution network across India, comprising 870 experience centers and 431 service centers (including 429 service centers in experience centers), in addition to the Ola Electric website.

In FY 2023, around 75% of 2W exports from India were destined for Africa, LATAM, and South East Asia, while the domestic supply of E2W was limited.

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• Pure EV player with a leadership position in the fast-growing Indian E2W market
• Founder led company supported by a highly experienced and professional leadership team
• In-house R&D and technology capabilities
• Manufacturing at scale and supply chain resilience
• Scalable platform-based design and development approach
• Direct to customer omnichannel distribution model

Eligibility for EV-related government incentives leading to cost advantages

• Capital expenditure to be incurred by its Subsidiary, OCT for expansion of the capacity of its cell manufacturing plant from 5GWh to 6.4 GWh, classified as phase 2 under the expansion plan(the “Project”);
• Repayment or pre-payment, in full or part, of the indebtedness incurred by its Subsidiary, OET;
• Investment into research and product development;
• Expenditure to be incurred for organic growth initiatives; and
• General corporate purposes.

The company is into EV two wheeler segment. As on FY24 earnings, the IPO is aggressively priced. Hence, Investor may subscribe for long term perspective.