Ola Electric Mobility, a major player in India’s electric scooter market, is now eyeing an initial public offering (IPO) much sooner than anticipated. Founder and CEO Bhavish Aggarwal revealed the company’s rapid growth trajectory since entering the electric scooter market in late 2021.

“I thought it would take me four to six years of revenue to go public,” Aggarwal said. “Now I can feel that it will be much earlier. Ola Electric has grown and matured faster than I had initially planned because the market response has been very strong". With a 38% market share, Ola Electric has sold over 239,000 electric scooters since December 2021. Initially attracting first-time scooter buyers, the majority of Ola Electric’s customers are now enthusiastic converts.

Aggarwal has ambitious plans for expansion, including the introduction of a motorbike by the end of this year and a battery-powered car in 2024. He is also considering exporting scooters to Southeast Asia, Latin America, and Europe. Ola Electric’s parent company, ANI Technologies, which operates Ola ride-hailing services, previously considered a $1 billion IPO but did not proceed.

To support its growth, Ola Electric is constructing a 115-acre battery factory in southern India, aiming to manufacture lithium-ion cells primarily for its own vehicles. Aggarwal believes in-house manufacturing of EV components will enable Ola Electric to scale up production and improve margins while maintaining quality control. While electric cars face challenges in India due to a preference for combustion-engine vehicles and limited charging infrastructure, Ola Electric is determined to succeed. The company competes with established manufacturers such as Tata Motors and Mahindra & Mahindra, and may even face competition from Tesla if the latter invests in India.

Despite recent setbacks, including delivery delays and quality issues, Aggarwal remains optimistic. Ola Electric leverages digital simulation and artificial intelligence in its manufacturing processes to streamline production timelines. Aggarwal envisions a technology-focused group of companies and emphasizes Ola’s commitment to execution excellence.

Aggarwal’s vision for Ola Electric encompasses more than just the Western market. He believes Tesla serves the West, while Ola is positioned for the rest of the world. As Ola Electric continues its expansion and pushes towards an IPO, it aims to drive the adoption of electric mobility in India, contributing to the country’s sustainable future.