Ola Electric, the EV arm of the Indian unicorn cab aggregator Ola, has reportedly hired Goldman Sachs and Kotak Investment Banking to manage its initial public offering (IPO) by the end of 2023.
According to reports, Ola Electric is planning to go for an initial public offering by the end of 2023. This move could aid the company in raising additional funds as it aims to become the market leader in the electric vehicle space.
The funds raised through the IPO of Ola Electric could be used by the company to acquire technological and manufacturing capabilities, as well as strengthen its foothold in the electric vehicle industry. The successful funding of the IPO could also give the company a valuation of over Rs. 10,000 crore.
Reportedly, the EV maker has already secured substantial investments from Softbankâs Vision Fund and Tiger Global, along with Flipkart co-founder Sachin Bansal and is looking to leverage these investments to launch a new range of electric vehicles including two- and three-wheelers.
In the previous month, Ola Electric had also announced the launch of its factory in Tamil Nadu which could be used to manufacture electric two-wheelers. It also purchased Coup, a German-made electric scooter startup from Germany in order to gain access to the European market.