Ola Electric achieves 107% growth in June EV two-wheeler registrations

Bhavish Aggarwal-led Ola Electric announced on Monday a remarkable 107% year-on-year growth in June 2024 for its electric vehicle (EV) two-wheeler registrations compared to June 2023.

Data from the government's VAHAN Portal shows that the company recorded 36,716 registrations during June 2024.

The first quarter (Q1) of FY25 also saw significant growth for Ola Electric, with a 57% increase over Q1 FY24, totaling over 1.08 lakh registrations by the end of June 2024.

"Our steady market leadership reflects the strength of our expansive S1 portfolio with product offerings across attractive price points, making EVs accessible to everyone," said Anshul Khandelwal, Chief Marketing Officer, Ola Electric, in a statement.

In addition to its quarterly success, Ola Electric surpassed 2 lakh registrations in CY2024, becoming the first EV two-wheeler company to reach this milestone within the first half of a calendar year. The company has recorded more than 2.28 lakh registrations so far in 2024.

Ola Electric's S1 portfolio includes six models, with its recent entry into the mass-market segment through the S1 X portfolio. These scooters come in three battery configurations—2 kWh, 3 kWh, and 4 kWh—priced at Rs 74,999, Rs 84,999, and Rs 99,999, respectively.

Additionally, Ola Electric has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The public issue will consist of a fresh issue of Rs 5,500 crore and an offer-for-sale (OFS) of 9.51 crore equity shares, according to the draft red herring prospectus.