OLA records 24000 E-scooter sales amid festive season
With a 2.5X increase in sales over the same period last year during Navratri and Dussehra, Ola anticipates that the sales momentum will carry over into the festive season, with a spike in volumes in the coming months. According to Vahan statistics,
Ola Electric
became the first EV startup in India to sell more than 2 lakh electric scooters in 10 months during the month of CY2023.Compared to the same period last year, when it achieved one lakh revenues in just ten months of existence, the firm has grown by more than 100%. The electric vehicle manufacturer recently declared the successful completion of its financing and equity round, headed by Temasek and included project loans from the State Bank of India and Temasek-led brand investors, respectively, raising Rs 3,200 crore.
The money obtained will go towards building India's first lithium-ion cell manufacturing plant in Krishnagiri, Tamil Nadu, as well as expanding the company's electric vehicle business.
By increasing its 2W production capacity, introducing
electric two-wheelers
first, then electric automobiles, and expediting the building of the Gigafactory, the business hopes to boost its growth. On October 16, Ola announced the launch of its month-long Ola Bharat EV Fest, a nationwide celebration of embracing electric vehicles with a range of offers from the EV manufacturer, including a 5-year Battery Warranty (worth up to Rs 7,000), exchange bonuses (up to Rs 5,000), and finance offers with interest rates as low as 5..99 per cent, zero down payment, no-cost EMI, and zero processing fee.Additionally, consumers who test-ride Ola scooters throughout the holiday season will have the opportunity to win one S1 X+ every day in addition to other exciting prizes like Ola Care+ discount vouchers and instant savings on the purchase of the brand-new S1 Pro (2nd Generation). Additionally, the firm is extending its "5-Year Battery Promise" programme to include scooters from its current range (S1 Pro, S1 Air, and S1 X+), delivering a complimentary five-year extended battery warranty.