Mobility

Why investors will judge Ola Electric more like Tata Motors than Tesla

Pranav Balakrishnan

November 22, 2023 | 9 Min Read

Despite topping EV two-wheeler sales charts and nurturing ambitions of making its own cells, Ola Electric’s potential public market listing hinges more on how it stacks up against traditional automotive players in terms of sales, financials, and its ability to hire and retain top talent.

Key Takeaways

Ola Electric’s IPO would be a watershed moment for EV IPOs in India as a full-stack player finally goes public
Despite its tech roots, public market investors are more keen to see how the company can increase its sales volumes in the short term
While it aimed to sell millions of scooters a year, a global expansion may be the only way for it to increase sales
Retaining and hiring key talents for its ambitious future projects and a sound financial footing is what investors want to see

Ola Electric appears to be readying its draft red herring prospectus on a war footing. According to a report by The Economic Times and sources that The CapTable spoke to, the company is likely going to release the pre-IPO document publicly by the first week of December.

Already, the Bengaluru-based company is in the process of shaking up its board of directors, as it eyes a public listing around the summer of 2024. This would coincide with India’s national elections. Explaining the timing, industry insiders say Ola Electric expects that if the present Modi-led government is re-elected, the markets would likely rally. The company is hoping to piggyback on this momentum.

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