Ola Electric records all-time high registrations of over 53,000 units in March; ends FY24 with a record 115% growth over FY23

Overall EV 2W industry grew by 30% in FY24 over FY23 with 9% EV penetration in March’24

Bengaluru, April 1, 2024: Ola Electric today announced that it recorded over 53,000 registrations (as per VAHAN Portal) in the month of March, posting its highest ever monthly volumes yet again for the fifth consecutive month. The company achieved a Y-o-Y growth of 115% in FY24 over FY23 with 328,785 units registered as against 1,52,741 units in FY23. With its outstanding performance in March, the company continued to maintain its leading market share during the month and grew by 42% Q-o-Q with 119,310 units registered during Q4 FY24 compared to 84,133 units in the previous quarter.

Anshul Khandelwal, Chief Marketing Officer, Ola Electric Technologies Private Limited, said: “There couldn’t have been a better year end for us to FY24 with our registrations zooming past the 53,000 mark in March. The past year has been a momentous one for us as well as the EV industry, and we have been the market leader for the full financial year recording consistent growth in both volumes and market share. The fact that we recorded almost 1.20 lakh registrations in Q4 FY24 alone speaks volumes of our robust scooter portfolio, and we aim to continue the growth trajectory and contribute further to India’s electrification journey.”

Ola Electric has recently announced a series of initiatives spanning products, services, charging networks and battery warranty in an effort to break all barriers to the adoption of EVs. With the launch of S1 X (4kWh), Ola Electric expanded its portfolio to six products (S1 Pro, S1 Air, S1 X+, S1 X – 2 kWh, 3kWh, 4kWh), ranging across different price points and catering to customers with different range requirements.

Ola Electric also launched an 8-year/80,000 km extended battery warranty for the entire range of products at no extra cost, a move Ola Electric believes addresses one of the barriers to EV adoption by extending the lifespan of the vehicles. Customers can now also opt for an add-on warranty and increase the upper limit of the kilometres travelled up to 125,000 km at a nominal starting price of INR 4,999. Ola Electric has also introduced a portable fast charger accessory of 3KW and is available for purchase at INR 29,999. On March 19, the company also inaugurated its 450th service centre in Prayagraj, in an effort to expand its service network across the country.

Disclaimer:

OLA ELECTRIC MOBILITY LIMITED (“Company”) is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its equity shares and has filed a draft red herring prospectus dated December 22, 2023 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the websites of SEBI at www.sebi.gov.in, stock exchanges i.e., BSE at www.bseindia.com and NSE at www.nseindia.com, respectively and is also available on the website of our Company at www.olaelectric.com and websites of the book running lead managers, i.e. Kotak Mahindra Capital Company Limited at https://investmentbank.kotak.com, Citigroup Global Markets India Private Limited at www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, BofA Securities India Limited at https://business.bofa.com/bofas-india, Goldman Sachs (India) Securities Private Limited at www.goldmansachs.com, Axis Capital Limited at www.axiscapital.co.in, ICICI Securities Limited at www.icicisecurities.com, SBI Capital Markets Limited at wwww.sbicaps.com and BOB Capital Markets Limited at www.bobcaps.in, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see the section titled “Risk Factors” on page 28 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI in making any investment decision.

The equity shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. The equity shares have not been and will not be registered under the US Securities Act of 1933 (“U.S. Securities Act”) or any state securities laws in the United States and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable United States state securities laws