Bhavish Aggarwal-led Ola Electric Technologies has received market regulator SEBI’s nod for its initial public offering (IPO) to raise ₹7,500 crore, according to sources close to the development.

Ola Electric was the first-ever Indian EV two-wheeler maker to file for an IPO. The firm filed its draft red herring prospectus (DRHP) with the markets regulator on December 22, 2023.

Ola Electric filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), proposing to raise up to ₹5,500 crore through a fresh issue, apart from an offer-for-sale (OFS) component of 95.2 million shares. The firm is also looking at a pre-IPO placement of shares worth ₹1,100 crore. If this happens, the size of the fresh issue will be reduced to that extent.

The Bengaluru-based company is eyeing a $6-billion valuation through the public offering.

The DRHP showed that promoter and chief executive Aggarwal will sell up to 47.4 million shares out of the 95.2 million shares on offer, which makes Aggarwal, the single-largest seller in the offer for sale (OFS). The issue also comprises a sale of new shares.

Other major stakeholders selling their shares include promoter group entity Indus Trusts, and investors Softbank Vision Fund, Matrix Partners India Investments, Alpha Wave Ventures, Alpine Opportunity Fund and Tekne Private Ventures.

The proceeds from the fresh issue of shares will be used towards capital expenditure for its cell manufacturing subsidiary for capacity expansion at the Ola Gigafactory from 5 GWh to 6.4 GWh, repayment or prepayment of debt incurred by Ola Electric, investment in research and product development, and organic growth initiatives, the company said in the draft prospectus

Ola Electric was last valued at $5.4-5.5 billion in October when it raised $384.43 million, including about $240 million in debt, from Temasek and State Bank of India.


Ola Electric has reported consolidated revenues of ₹2,782 crore, up nearly 510 per cent, in the financial year ended March 2023, even as its net loss widened to ₹1,472 crore due to increased expenses.

For Q1 2023-24, Ola Electric has reported a total income of ₹1,272 crore, and losses of ₹267 crore. The company had a net worth of ₹2,111 crore as of June 30, 2023.

Aggarwal is also planning to take his ride-hailing start-up Ola Cabs public and has also forayed into the generative Artificial Intelligence sector with the start-up Krutrum AI.