Ola Electrical has finalised plans to launch an electrical autorickshaw meant to be offered on to customers, folks conscious of the matter stated. The car is prone to be known as Raahi and the corporate is anticipated to unveil it later this month, they added.
The car will compete with the likes of Mahindra Treo, Piaggio Ape e-city and Bajaj RE within the electrical three-wheeler phase. Ola Electrical has been engaged on the product for a few years as a part of its wider plans to enter the industrial car enterprise.
“Ola Electrical is seeking to make a slew of bulletins, together with on the gigafactory, within the subsequent few months forward of the itemizing. The e-autorickshaw is a part of the identical plan and internally the goal is to do it over the subsequent two weeks or so,” an individual within the know advised ET, including that the timelines might change.
Ola Electrical didn’t reply to ET’s emailed queries until press time Tuesday.
Mahindra, Piaggio and Bajaj worth their electrical autorickshaws in a variety of INR 2.0 lakh to upwards of INR 3.5 lakh, relying on the mannequin and add-ons. In line with authorities transport web site Vahan, greater than 580,000 electrical three-wheelers had been offered final yr, 66% larger than in 2022. Electrical three-wheelers comprised over 50% of complete three-wheeler gross sales in 2023.
Raahi, which implies traveller in Hindi, is a part of a string of launches Ola Electrical has deliberate within the run as much as its preliminary public providing. The agency filed a draft crimson herring prospectus (DRHP) in December final yr, and is seeking to increase as much as INR 5,500 crore by way of a recent subject, aside from a proposal on the market of 95.2 million shares by present traders.
Forward of the IPO, Ola Electrical has additionally been making an attempt to additional strengthen its place within the electrical two-wheeler phase, the place it’s the market chief.
In February, the corporate prolonged the battery guarantee for all its variants of scooters to eight years. The agency stated that it might arrange 10,000 fast-charging factors by the top of the subsequent quarter, promote moveable quick chargers to prospects, and increase its service centre community from the present 400 to 600 by April. It had additionally listed a four-wheeled car as an “intangible asset below growth” in its draft IPO papers.
Ola Electrical has been engaged on opening its gigafactory — which the agency will use to fabricate its personal battery cells — by the top of this quarter, founder and chief govt Bhavish Aggarwal stated in February. It plans to allocate INR 1,226 crore from the projected IPO proceeds for the gigafactory.
The Bengaluru-based agency held a 41% market share within the electrical scooter phase as of February, when it offered 33,722 models, in accordance with knowledge from the Vahan web site. Opponents TVS Motor, Bajaj Auto and Ather Vitality held 17.7%, 14.2% and 11%, respectively, of the market.
Ola Electrical reported income from operations of INR 2,631 crore within the fiscal yr ended March 31, 2023, with a web lack of INR 1,472 crore. For the quarter ended June 30, 2023, the agency posted a web lack of INR 267 crore on working income of INR 1,243 crore. FY23 was its first full yr of gross sales for the corporate.
