About Ola Electric Mobility Limited

Ola Electric Mobility Limited is an Indian electric vehicle manufacturer, incorporated on February 3, 2017. The Company was listed on the National Stock Exchange of India Ltd. (NSE) and BSE Ltd. on August 9, 2024.

It operates a vertically integrated business model, designing and manufacturing electric two-wheelers, along with in-house production of key EV components such as battery packs, vehicle frames, and motors. The Company also operates the Ola Gigafactory for indigenous cell production. Its products are distributed directly to customers through a D2C (Direct-to-Consumer) network.

As on March 31, 2025, Ola Electric operated across 30 Indian states with two domestic plants, two Indian offices, and three international research and development, sales, and technology offices. However, the Company reported no international customers and zero export contribution to annual revenue.

Ola Electric maintained five subsidiaries (three Indian and two foreign) and five step-down foreign subsidiaries (total 10) as of March 31, 2025.

Key milestones in FY2024–25 included a successful public listing, commissioning of the Gigafactory and commencement of production of the indigenously developed Bharat Cell, and sustaining industry leadership with cumulative sales of approximately 9.7 lakh units since inception. Ola presented its Gen 3 platform through the S1 Pro+, S1, and S1 X models, offering peak power gains of 20%, a 20% extended range, and an 11% reduction in costs compared to the previous generation.

Business Segment of Ola Electric Mobility Limited

The Company operates in two business segments: Automotive and Cell.

• Automotive: 100% of external revenue.

• Cell: Primarily inter-segment revenue (0% external).

Geographic mix:

• Domestic – 100%

• International – 0% (exports Nil).

Ola Electric Mobility Limited’s Key Management Team

• Bhavish Aggarwal – Chairman and Managing Director

• Harish Abichandani – Chief Financial Officer

• Pritam Das Mohapatra – Company Secretary

• Arun Sarin – Non-Executive Director

• Krishnamurthy Venugopala Tenneti – Non-Executive Director

• Manoj Kumar Kohli – Independent Director

• Ananth Sankaranarayanan – Independent Director

• Shradha Sharma – Independent Director

Latest Updates on Ola Electric Mobility Limited

• IPO milestone: The Company issued 80,86,99,624 equity shares at ₹76 each and listed on NSE and BSE on August 9, 2024. Net proceeds of ₹5,275 crore (after issue expenses) were allocated for Gigafactory capital expenditure, subsidiary debt repayment, research and development, organic growth, and general corporate uses, while ₹2,823 crore remained unused as of March 31, 2025.

• Manufacturing and technology: Commissioned the Gigafactory and commenced production of the Bharat Cell, advancing vertical integration and strengthening supply chain resilience.

• Product launches: Introduced the Gen 3 platform and rolled out the S1 Pro+, S1, and S1 X variants, delivering enhanced performance, extended range, and reduced costs.

• Market presence: Expanded India’s largest EV distribution network to over 4,000 customer touchpoints, with deep penetration into Tier-3 and rural markets. A comprehensive network transformation initiative was also launched to improve delivery timelines and inventory management.

• Policy and incentives: Ola Electric is an approved participant under the Production Linked Incentive (PLI) schemes for ACC cell manufacturing and for Automobile and Auto Components. Its electric two-wheelers qualified for FAME II benefits until mid-FY2025.