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After dominating in the two-wheeler EV segment, Bhavish Aggarwal-led Ola Electric is set to introduce its electric autorickshaw, likely named 'Raahi', targeting direct consumer sales later this month, ET reported.
The move marks the company's foray into the commercial vehicle sector, challenging established players like Mahindra Treo, Piaggio Ape e-city, and Bajaj RE.
Launch amidst IPO plans
The report comes as Ola Electric prepares for its initial public offering (IPO). Last December, the startup filed a draft red herring prospectus with SEBI, aiming to raise Rs 7,250 crore.
The IPO includes a fresh Rs 5,500 crore issue and an offer-for-sale (OFS) component, with major investors like Softbank and Temasek participating.
Expanding product line and price adjustments
Last month, Bhavish Aggarwal announced that the startup plans to expand its fast-charging network from 1,000 to 10,000 points by April this year. The expansion aims to alleviate range anxiety among EV users by ensuring accessible charging options across high streets, residential areas, fuel stations, and key inter-city routes.
In addition to enhancing its charging infrastructure, Ola Electric is introducing a new variant to its S1 scooter series, named the S1 X. This new model boasts a higher range and affordability, with the top version offering up to 190 km on a single charge. The S1 X is priced at Rs 1,09,999, with lower-priced versions also available. These scooters come with an industry-first 8-year or 80,000 km warranty, with deliveries starting in April.
To support its expanding customer base, Ola Electric also plans to increase its service centres from 414 to 600 by April 2024. This expansion is in response to the high sales volume and the need for efficient servicing.
Furthermore, the company introduced a new battery warranty policy, offering an eight-year warranty to ensure significant resale value for its vehicles. These initiatives mark a significant step towards enhancing the EV ecosystem and encouraging more consumers to transition to electric mobility.