The company’s revenue from operations grew by 32.26 per cent, standing at Rs 1,644 crore. Sequentially, the revenue grew by 2.8 per cent.
With a 48.63 per cent market share, the company achieved its highest-ever quarterly revenue this quarter. This was driven by the highest-ever vehicle deliveries, with 1,25,198 units delivered compared to 70,575 units in the same period last year. The ramp-up in deliveries of the mass-market S1 X scooter portfolio boosted growth, while demand for the existing product lineup (S1 Pro, S1 Air, S1 X+) sustained the momentum.
The company further announced plans to incorporate its own cell technology into its vehicles starting from Q1 of FY26.
Ola, the largest electric two-wheeler (e2W) seller in India by the number of units, accounted for 35 per cent of the total e2W registrations in FY24.
The company said that it will launch its electric motorcycle portfolio across mass and premium segments during its annual flagship event on August 15, 2024.
Earlier, Ola had raised Rs 5,500 crore in fresh capital through the initial public offering (IPO). The company plans to use the proceeds to expand the capacity of its cell manufacturing plant from 5 GWh to 6.4 GWh. It will also use the proceeds to repay debt and fund research and product development.
Ola Electric manufactures electric two- and three-wheelers along with EV components like battery packs, motors, and vehicle frames. Ola currently has a factory in Bengaluru and is in the process of building its EV hubs in the Krishnagiri and Dharmapuri districts in Tamil Nadu.
First Published: Aug 14 2024 | 6:02 PM IST
