Ola Electric plans to launch electric auto-rickshaw ahead of IPO: Report

Ola Electric has reportedly finalised plans to launch an electric auto-rickshaw, expected to be unveiled later this month. The vehicle expected to be called Raahi will be sold directly to consumers. 

According to a report in The Economic Times, Ola Electric has been working on the product for a couple of years as part of its wider plans to enter the commercial vehicle business. The electric auto-rickshaw is expected to compete with the likes of Piaggio Ape e-city, Bajaj RE and Mahindra Treo. 

A person in the know told the financial daily that Ola Electric is looking to make a slew of announcements, including on the gigafactory, in the next few months ahead of the listing. The e-autorickshaw is reportedly part of the same plan. 

Ola filed a draft red herring prospectus (DRHP) in December and is looking to raise up to Rs 5,000 crore through a fresh issue, apart from an offer for sale of 95.2 million shares. Ola Electric has planned a string of launches in the run-up to its IPO.

Separately, Ola announced price cuts for its S1 X+, S1 Air, and S1 Pro models in February. The flagship model, S1 Pro, has seen a reduction of Rs 17,500, bringing its price down to Rs 1,30,000 from the previous Rs 1,47,500. The S1 Air model is now Rs 15,000 cheaper, costing Rs 1.05 lakh instead of Rs 1.20 lakh. The S1 X+ saw the most significant cut of Rs 25,000, reducing its price from Rs 1.10 lakh to Rs 85,000, making it more affordable than many of its ICE competitors.

In February, Ola recorded approximately 35,000 units registered, leading the two-wheeler manufacturer chart in the EV segment. The company achieved its highest ever monthly sales in February, showing a near 100 per cent YoY growth compared to the same month last year.