In July 2021, Bhavish Aggarwal, co-founder of Ola ride-hailing services, unveiled the first Ola Electric two-wheeler. The excitement was palpable, with over one lakh pre-launch orders within 24 hours of opening bookings. But that was not it. Naysayers were already pointing to the series of failed experiments stacked up against Aggarwal’s name, while raising doubts over the prospects of his latest venture.
Cut to December 2023. Ola Electric filed the draft red herring prospectus (DRHP) for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). If all goes well, and SEBI approves, this year the company will become the first EV manufacturer and first auto maker in 20 years to issue an IPO.
It is no mean feat for a company to become a market leader and issue an IPO in such a short time since inception. Ola Electric has had the advantage of an early mover. It is currently the market leader in the segment. But that might not be enough to ensure success at the bourses.
Changing Gears Swiftly
Aggarwal is known as a maverick who loves experimenting, some of which fail quickly. For instance, Ola Cafe, the company’s food delivery business, closed a year after its 2014 launch. The company acquired online food delivery start-up Foodpanda in 2017 but closed it in 2019. In June 2022, it announced its decision to close its ecommerce platform Ola Dash and “reorient” its used cars business Ola Cars “to focus on” Ola Electric. While this reflects his resilience, willingness to adapt to dynamic market conditions and eagerness to bet on the future, it can also deter cautious investors.
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