Ola Electric, the Indian electric vehicle manufacturer, is set to launch its first electric autorickshaw, the Raahi, ahead of its much-anticipated initial public offering (IPO). This move signifies Ola’s strategic expansion into the country’s thriving electric three-wheeler market, where it will compete with established players like Mahindra Treo, Piaggio Ape e-city, and Bajaj RE.
The Raahi, which translates to “traveler” in Hindi, is expected to be unveiled later this month and will be sold directly to consumers. This launch aligns with Ola Electric’s broader plan to diversify its product portfolio and generate investor interest before its IPO. In December 2023, the company filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) aiming to raise ₹5,500 crore through a fresh issue of shares. The IPO will also include an offer for sale (OFS) of ₹1,750 crore by existing investors.
Analysts believe this launch is part of a series of announcements Ola Electric plans to make in the coming months leading up to its IPO. The company is reportedly working on unveiling developments related to its upcoming giga factory project.
Ola’s entry into the electric rickshaw segment is a strategic move with the potential to disrupt the market. The success of the Raahi will depend on its pricing, features, and range compared to existing competitors. This launch is a crucial step for Ola Electric as it seeks to establish itself as a major player in India’s electric vehicle landscape.
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