In an effort to strengthen its grip across India’s electric vehicle market, Bhavish Aggarwal-led Ola Electric has rolled out its new electric scooter S1X 4kWh, priced at INR 1,09,999.
The deliveries of the scooter will kick off in April.
The startup said in a statement that the newly launched scooter, with 6kW motor and a range of 190 Km in a single charge, will reach a speed of 90 Km/h with a quick acceleration of 0-40 Km/h in 3.3 secs.
It added that the entire S1X range – 4kWh, 3kWh and 2kWh – priced at INR 109,999, INR 89,999 and INR 79,999, respectively, will be available for purchase from Friday (February 2).
Besides, Ola Electric has also announced an extended battery warranty of 8 years or up to 80,000 Km across all its products.
Aggarwal said that the startup will also expand its service network by 50% from the current 414 service centres to ~600 across the country by April.
Additionally, the company has announced plans to ramp up its fast-charging network rapidly to 10,000 points by the next quarter. The company has also introduced a portable fast charger accessory of 3KW and is available for purchase at INR 29,999.
“Our latest initiatives spanning across products, service, charging network and battery warranty is a big leap towards breaking all barriers in EV adoption across the country. The all-new S1 X 4kWh is an extremely compelling value proposition with an extended range of 190 Km at an highly accessible price point. Our 8-year extended battery warranty at no added cost coupled with the expansion of our service and charging network across India will set a new benchmark in the EV industry, and will elevate the ownership experience of all our customers,” said Aggarwal.
The fresh development comes close on the heels of the startup filing its draft red herring prospectus (DRHP) with the market regulator SEBI. As per the DRHP, the IPO comprises a fresh issue of INR 5,500 Cr. The IPO will comprise an offer-for-sale (OFS) component of INR 1,750 Cr. In total, the public issue will comprise an OFS component of up to 9.5.1 Cr shares.
The startup in the first three months of FY24, which includes April, May and June, Ola Electric reported sales of INR 1,242.7 Cr, almost achieving half the revenue that the Bengaluru-based startup reported in FY23.
Between April 1, 2022 and March 31, 2023 i.e. FY23, Ola Electric’s sales were at INR 2,630.9 Cr, a 605% increase from INR 373 Cr in FY22. This impressive growth could be attributed to the startup’s strong electric sales in 2022.
In the first quarter (Q1) of FY24, Ola Electric’s losses stood at INR 268 Cr. In FY23, the startup reported a net loss of INR 1,471.6 Cr, an 88% increase from INR 783.4 Cr in the previous fiscal year.
