Ola Electric IPO

E2W penetration in India is projected to grow significantly, increasing from around 5.40% of domestic 2W registration sales reported on the VAHAN portal in Fiscal 2024 to between 41% and 56% of domestic 2W sales volume by Fiscal 2028, as per the Redseer Report. The company's exclusive focus on electric vehicles positions it well to capitalise on this transition within the expanding Indian 2W market. Notably, it was the largest E2W seller in India in Fiscal 2024, accounting for approximately 35% of total E2W registrations during that period, according to the Redseer Report.

The company undertakes R&D activities in India, the UK and the US, focussing on designing and developing new EV products and core EV components, such as battery packs, motors and vehicle frames. They have leveraged its R&D to develop core EV components, including MoveOS with features like Ola Maps navigation, call filter, ‘find my scooter’, and anti-theft alerts. They have also created a centralised electronics architecture for EV control, compact motors and drivetrains, cell and battery pack manufacturing technologies, and flexible assembly lines for various EV models.

Their platform-focused product development is central to their business model, allowing them to use common elements like a modular electric powertrain, battery pack with BMS, motors, power electronics module, electronics, and software for new EV models. This approach reduces product development costs and time to market. Their adaptable platform enabled the delivery of four products and the announcement of seven new products since August 2021. As of March 31, 2024, 86.60% of components in the Ola S1 Pro, Ola S1 Air, and Ola S1 X+ are common, such as the battery pack. This modular platform is expected to drive down costs and enable fast product development cycles.