Ola Electric Sells Over 27,000 Units In March, Captures 30% Market Share

Ola Electric ends FY22-23 with record sales of over 27,000 Evs in March, capturing 30% market share. The company plans to add 50 more experience centers & raise $300 million.

Ola Electric, one of the leading e-vehicle manufacturers in India, has reported record sales of over 27,000 electric scooters in March, consolidating its market share to over 30%. 

The company’s impressive sales figures have helped it conclude FY 2022-23 on a high note.

The two-wheeler maker is planning to pump in more money for its massive expansion in the new financial year. 

Ola Electric plans to add 50 more experience centers to its current network of 400, with around 90% of its customers residing within a 20 km radius of any of its experience centers.

Ola Electric’s Founder and CEO, Bhavish Aggarwal, said, “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 EVs 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.”

The company’s expanding market presence and rising electric scooter sales align well with its plans to raise massive funds for further expansion. 

Ola Electric is reportedly planning to raise funds of around $300 billion to meet its expansion and other corporate needs, which would be managed by investment bank Goldman Sachs. 

The investment is expected to come from existing marquee global investors and sovereign funds.

Despite some safety concerns surrounding Ola Electric’s e-vehicles, the company has still managed to be the front-runner in EV sales in India, with a close to a billion-dollar annual revenue run rate. 

The company has remained resolute in prioritizing quality standards, scale, and speed, which has contributed to its consistent leadership position in the market.

Overall, Ola Electric’s impressive sales figures and market share are a testament to the growing popularity of electric vehicles in India.

The company’s continued expansion plans and potential fundraising initiatives demonstrate its commitment to promoting sustainable mobility and driving the EV revolution in the country.

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