Ola Electric Sales Reach More than 30,000 Electric Scooters in December, Market Share Increases to 40 Percent

Ola Electric, one of the largest electric two-wheeler companies, sold 30,219 electric scooters in December. The company claims that its share in this segment has reached 40 percent. For this, maximum registrations have been done in December. The company's sales increased by 74 percent in December.

The company said that its sales increased by 68 percent to 83,963 units in the quarter ended December. Ola Electric has sold around 2.65 lakh units of electric scooters last year. It has also become the first company in this industry to manufacture four lakh electric scooters in two years of starting business. Anshul Khandelwal, Chief Marketing Officer, Ola Electric, said, “We have maintained our market leadership position with our strong product portfolio. Our promotional campaign in December has been a huge success.”

Ola Electric plans to raise $662 million through Initial Public Offering (IPO). Along with issuing new shares, shares will also be sold by the existing investor Japan's SoftBank and the company's CEO, Bhavish Aggarwal. The company will use some part of the funds received from this IPO for the expansion of its battery cell manufacturing factory in Tamil Nadu. Apart from SoftBank, Singapore's Temasek also has investment in Ola Electric. Recently the company had raised funds at a valuation of $5.4 billion.

Recently it launched two new electric scooters S1 Air and S1X. The price of S1 X+ is Rs 1,09,999 (ex-showroom). The range of this electric scooter is claimed to be approximately 151 kilometers and top speed is 90 kmph. It can reach a speed of 0-40 kmph in just 3.3 seconds. It has 34 liters of space to keep luggage. It is available in multi-tone design. Ola Electric also plans to enter the electric motorcycle and electric car segments. The company opened its first experience center in Pune. Its aim is to rapidly increase the number of these experience centres. Sales of electric two-wheelers have increased in the last few years.