Ola Electric is gearing up for its IPO and appears to have all the pieces in place for the launch of its electric rickshaw – believed to bear the name “Raahi” – for the consumer market that’s expected to roll out later this month.
The effort to produce the electric autorickshaw – as noted by a report in ET – marks a significant milestone for Ola Electric as it turns from the commercial vehicle sector the company has been elbow deep in over the last few years.
It will likely take on the likes of the Mahindra Treo, Piaggio Ape e-city, Bajaj RE and the numerous others that have joined the fray.
In terms of pricing, the competition offers electric rickshaws between INR 2 Lakh going all the way up to over INR 3.5 Lakh, depending on the model and its features.
The electric three-wheeler industry sold more than 580,000 units in 2023, a 66% increase from the previous year, according to data from Vahan. Furthermore, in 2023, electric vehicles accounted for over 50% of the overall sales of three-wheelers.
Founded by Bhavish Aggarwal, co-founder of Ola Cabs, Ola Electric is an electric vehicle manufacturer that offers a lineup of five scooter models. The company claimed to have a wide omnichannel distribution network, comprising 935 experience centers and 414 service centers, as on end of October 2023, as per its Draft Red Herring Prospectus (DRHP).
In the coming months, Ola Electric is planning a number of important announcements especially around its gigafactory with the IPO coming soon.
