Following its success in the two-wheeler EV market, Ola Electric, led by Bhavish Aggarwal, is poised to unveil its electric autorickshaw, potentially named ‘Raahi’, with plans for direct consumer sales later this month, as per a report by ET.
This strategic move signals Ola Electric’s expansion into the commercial vehicle sector, challenging established players such as Mahindra Treo, Piaggio Ape e-city, and Bajaj RE.
The announcement coincides with Ola Electric’s preparations for its initial public offering (IPO). In December, the startup filed a draft red herring prospectus with SEBI, seeking to raise Rs 7,250 crore through a fresh Rs 5,500 crore issue and an offer-for-sale (OFS) component, with significant participation from investors like Softbank and Temasek.
In addition to its IPO plans, Ola Electric aims to bolster its product lineup and adjust pricing. Last month, Bhavish Aggarwal revealed plans to expand the company’s fast-charging network from 1,000 to 10,000 points by April, aiming to address range anxiety among EV users by providing accessible charging options across various locations.
The company also announced a new variant, the S1 X, to its S1 scooter series, offering extended range and affordability. Priced at Rs 1,09,999, with additional lower-priced versions available, the S1 X boasts an industry-first 8-year or 80,000 km warranty, with deliveries set to commence in April.
To accommodate its growing customer base, Ola Electric plans to increase its service centers from 414 to 600 by April 2024, recognizing the importance of efficient servicing amidst high sales volumes.
Moreover, Ola Electric introduced a new battery warranty policy, offering an eight-year warranty to ensure substantial resale value for its vehicles, aiming to foster the growth of the EV ecosystem and encourage more consumers to embrace electric mobility.
