Ola Electric Mobility Ltd experienced a significant surge in its shares, nearly hitting a 16% increase following the announcement of the company’s venture into the electric motorcycle sector. The Ola Group revealed the launch of three electric motorcycle models, with two more in the pipeline. The stock price rose by 15.77% on the BSE and 15.59% on the NSE, reaching Rs 128.20.
The company also reported a noteworthy boost in revenue from operations during the April-June quarter of the fiscal year 2024-25. Ola Electric Mobility’s revenue for this quarter stood at Rs 1,644 crore, compared to Rs 1,243 crore in the same period of the previous fiscal year. Chairman and CEO Bhavish Aggarwal expressed satisfaction with the growth and profitability achieved in the June quarter, emphasizing it as a positive period for the company.
Furthermore, Ola Consumer, the rebranded ride-hailing service, was introduced by the group. Additionally, Ola announced a partnership with the Open Network of Digital Commerce (ONDC) and unveiled automated warehousing solutions to meet the demands of quick commerce. Under the Krutrim venture, Ola plans to launch the first domestically designed and developed family of chips for AI, general computing, and Edge by 2026.
During the Sankalp 2024 event, Bhavish Aggarwal shared Ola’s strategic move into the motorcycle segment, highlighting that two-thirds of India’s two-wheeler market consists of motorcycles. Aggarwal affirmed the company’s commitment to promoting EV adoption through motorcycles, building on the success attained in the scooter segment.
In a bid to accelerate mass EV adoption across India, Ola will integrate its indigenously developed ‘Bharat 4680’ cell and battery pack with its vehicles in the first quarter of the fiscal year 2025-26. The company introduced the all-new Gen-3 platform for two-wheelers, further solidifying its stance in the electric vehicle market. Aggarwal underlined Ola’s dedication to revolutionizing EV penetration in India through these innovative initiatives.
