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Ola IPO will drive Indian EVs back to the future

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India’s electric vehicle makers are stepping into the spotlight.Ola Electric Mobility is revving up an initial public offering and could spark something akin to the mania that fueled share sales by Chinese upstarts like Nio a few years ago. Beyond any hype, though, the similarities are few and far between.The e-scooter maker founded by Bhavish Aggarwal sextupled sales to 27.8 billion rupees ($335 million) in the year ending March 2023, according to a draft prospectus. As of June, it represented nearly a third of India’s two-wheeled electric vehicle registrations. And the market is expanding: New Delhi wants battery-powered models to take 70% of the market by 2030, compared with some 15% today. The SoftBank-backed outfit is now eyeing a mooted $8 billion valuation, IFR reports, up from the $5.4 billion price tag it secured in a September funding round.

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