Ola electric market share swells to 30% in March

Delhi : Ola Electric sold almost 27,000 units in March, which was a record-breaking month for sales. The strong sales of electric scooters increased their market shares to above 30%.

The business managed to end the fiscal year 2022–23 on a strong note thanks to continued growth in scooter sales in March. The business intends to inject funds for its significant expansion in the upcoming fiscal year. To its present network of 400 experience centres, the two-wheeler manufacturer aims to add 50 more. According to the business, 90% of its clients live within 20 km of any of its experience centres.

"FY23 has unquestionably been a pivotal year for the Indian EV market. Scale, speed, and unwavering quality standards have all been prioritised at Ola with a commitment that has helped the company maintain a dominant market position. Although the EV revolution reached a tipping point last year, it will reach a human scale in the coming years, and Ola will be at the forefront of this revolution to drive this paradigm shift, according to Bhavish Aggarwal, founder and CEO of Ola Electric.

Increasing sales of electric scooters and the company's growing footprint align well with Ola Electric's ambition to seek significant sums of money for further expansion.

According to sources cited by PTI, the e-vehicle producer Ola Electric intends to raise financing totaling about $300 billion to support its expansion and other business needs.

Investment bank Goldman Sachs would be in charge of managing the fundraising. According to the reports, the funding would come from renowned, established international investors and sovereign funds.

Remarkably, despite controversy surrounding the safety of its electric vehicles, Ola has managed to lead EV sales in India. It generates revenue at a run rate of around $1 billion annually.