SoftBank-backed Indian EV startup Ola Electric pops 20% on debut valuing firm at $4.8 billion

SoftBank-backed Indian EV startup Ola Electric pops 20% on debut valuing firm at .8 billion


Bhavish Aggarwal, Chief Executive Officer (CEO) of Ola Cabs and founder of Ola Electric speaks during a press conference ahead of the Initial Public Offer (IPO). 

Ashish Vaishnav | Sopa Images | Lightrocket | Getty Images

Shares of Ola Electric surged 20% on their market debut on Friday, valuing the Indian electric vehicle startup at around $4.8 billion.

Ola Electric priced its shares at 76 rupees ($0.91) raising the company more than $730 million via the initial public offering in Mumbai. It is the biggest listing in India this year, according to Reuters.

By 3:52 p.m. local time, shares were trading around 91.20 rupees.

The first-day surge comes as investors bet the company is poised to become a key player in India’s electric vehicle market, at a time when the government is making moves to bolster the industry.

Ola Electric makes electric scooters and only shipped its first product two-and-a-half years ago.

Two-wheelers are the most popular means of transport in India. By 2030, electric two-wheelers in particular are expected to account for 60% to 70% of all new scooter sales in India, according to McKinsey & Company data.

This is the trend Ola Electric is trying to tap into as it prepares to deliver its first electric motorbike product in the second half of 2025.

The startup, founded by high-profile entrepreneur Bhavish Aggarwal, is positioning itself as a company that can do everything from design to manufacturing and batteries, much like Tesla does.

Currently, though, there does not appear to be plans for the company to expand into cars.

Ola Electric has some high-profile investors including SoftBank and Singapore’s investment fund Temasek.

The company said it plans to use the IPO proceeds to pay down debts, for more research and development and to support the expansion of its gigafactory battery plant.

While the company’s revenue rose 90% year-on-year in the year ended March 31, its losses widened. The company is yet to turn a profit.

Aggarwal is also the co-founder of Ola Cabs, a ride-hailing company in India.



Source

Paris Saint-Germain routs Inter Milan to win the Champions League for the first time
World

Paris Saint-Germain routs Inter Milan to win the Champions League for the first time

Paris St Germain’s Ousmane Dembele. Dylan Martinez | Reuters Paris Saint-Germain, Champions League winner. At long last the club that was transformed by Qatari billions and bought and sold a succession of the world’s greatest players in an extravagant bid to get to the top has its hands on the big one. European club soccer’s […]

Read More
Hamas seeks amendments to the U.S. ceasefire proposal for Gaza
World

Hamas seeks amendments to the U.S. ceasefire proposal for Gaza

A general view of destruction in North Gaza, as seen from the Israeli side of the Israel-Gaza border, on May 17, 2025. Amir Cohen | Reuters Hamas is seeking amendments to the latest U.S. ceasefire proposal for Gaza, a senior official with the group told The Associated Press on Saturday, as hungry Palestinians in Gaza […]

Read More
Couple bought a homestead for 0,000, spent ,000 on DIY renovations: Their No. 1 takeaway after a year on the land
World

Couple bought a homestead for $390,000, spent $13,000 on DIY renovations: Their No. 1 takeaway after a year on the land

In 2023, Sophie Hilaire Goldie, 37, and Rocky Goldie, 50, had just finished converting a friend’s Home Depot shed into a tiny home and were ready to start looking for their own place together. “If it wasn’t for meeting her, I probably would have ended up in a little shack,” Rocky tells CNBC Make It. […]

Read More