Ola Electric Set to Unveil ‘Raahi’ Electric Autorickshaw Ahead of IPO, Eyes Market Dominance in EV Sector
Ola Electric is getting ready to launch an electric autorickshaw, expected to be named ‘Raahi’, aimed directly at consumers later this month, according to a report by The Economic Times. The company has been working on Raahi for a few years as part of its plan to enter the commercial vehicle sector, competing with established players like Mahindra Treo, Piaggio Ape e-city, and Bajaj RE in the electric three-wheeler market.
Sources suggest that Ola Electric is preparing to make important announcements, including updates on its gigafactory, in the coming months before its planned initial public offering (IPO). However, the company did not respond to inquiries.
In terms of market trends, competitors like Mahindra, Piaggio, and Bajaj price their electric autorickshaws between ₹2 lakh to over ₹3.5 lakh. Ola Electric currently holds a significant 41 percent share in the electric scooter segment, selling 33,722 units as of February. Competitors like TVS Motor, Bajaj Auto, and Ather Energy account for 17.7 percent, 14.2 percent, and 11 percent of the market share, respectively.
Government data from the transport website Vahan shows a notable increase in electric three-wheeler sales in 2023, surpassing 580,000 units, marking a 66 percent increase from 2022. Electric three-wheelers made up over 50 percent of total three-wheeler sales in 2023.
Ola Electric is also focusing on the electric two-wheeler market, where it is a leading player. In February 2024, the company extended the battery warranty for all scooter variants to eight years. Plans include setting up 10,000 fast-charging points, selling portable fast chargers to customers, and expanding the service center network to 600 by April.
In December 2023, Ola filed a draft red herring prospectus (DRHP) with the aim of raising up to ₹5,500 crore through a fresh issue, along with an offer for sale of 95.2 million shares by existing investors. Founder and CEO Bhavish Aggarwal also announced plans to establish a gigafactory by the end of the current quarter, allocating ₹1,226 crore from the anticipated IPO proceeds for this purpose.
