Tuesday, May 21, 2024

Ola electric clocks best monthly sales in March, market share swells to 30%

Reaching to its all-time high sale in a month, Ola Electric sold around 27,000 units in March. The impressive sale of electric scooter consolidated its market shares over 30 per cent, reported HT Auto.

With retained increase in sales of scooters in March, the company managed to conclude the financial year 2022-23 on a high note. The company is planning to pump-in money for its massive expansion in the new financial year. The two-wheeler maker plans to add 50 more experience centres to its current network of 400 experience centres. The company claims that around 90 per cent of its customers reside within a 20 km radius of any of its experience centre.

Also Read: Ola offers free front fork replacement for Ola S1 and S1 Pro scooters

“FY23 has truly been a defining year for the EV industry in India. At Ola, we have remained resolute in prioritizing scale, speed, and uncompromising quality standards, all of which have contributed to the company’s consistent leadership position in the market. While last year has been successful in making EV’s mainstream, the next couple of years will take the EV revolution to human scale, and Ola will be at the forefront of this revolution to lead this paradigm shift,” Bhavish Aggarwal, Founder and CEO of Ola Electric said, reported HT Auto.

Rising electric scooter sales and expanding presence of the company, synchs well with Ola Electric’s plan to raise massive funds for further expansion. The E-vehicle manufacturer Ola Electric is planning to raise funds of around $300 billion to meet its expansion and other corporate needs, reported PTI citing sources.

The fundraising would be managed by investment bank Goldman Sachs. The investment would be generated from existing and marquee global investors and sovereign funds, the sources added.

Notably, Ola has been surrounded by controversies related to safety of its e-vehicles and still managed to be the front-runner in EV sales in India. It has a close to a billion dollar annual revenue run rate.

(With agency inputs)

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