Bhavish Aggarwal-led emobility major Ola Electric reportedly sold over 8,200 scooters to its promoter group entity ANI Technologies, which relaunched Ola bike taxi services in Bengaluru in the latter half of last year, between April 2022 to December 2023.
However, the company didn’t mention the related party transactions in its DRHP for an IPO of over INR 7,000 Cr, filed at the end of December last year. The draft papers carried Ola Electric’s financial statements till June 30, 2023.
An Ola Electric spokesperson confirmed the development to Mint. “Till date, 8,206 Ola Electric scooters have been registered under ANI Technologies for its ebike, parcel and other delivery services. In total, 2.17% of our overall registrations till date have been under ANI Technologies,” the spokesperson was quoted as saying.
Meanwhile, Mint, citing sources, said that the number of escooters sold to ride hailing major Ola Cabs’ parent and its subsidiaries between April 2022 and December 2023 was even higher – at least 12,000 units.
A mail sent to Ola Electric seeking clarity on the issue didn’t elicit any response till the time of publishing this story.
It must be noted that Ola Electric’s vehicle registrations stood at more than 3 Lakh units in the April 2022 to December 2023 period. The company saw the highest monthly registrations in December 2023 – 30,000 units, as per Vahan data.
In September last year, Aggarwal announced the restart of the Ola bike taxi service in Bengaluru with Ola Electric escooters. He said that Ola bikes would charge a flat rate of INR 25 for 5 kilometres and INR 50 for 10 kilometres.
Since then, the company has been looking to grow the bike taxi service aggressively. Inc42 also reported in November that Ola Cabs was set to join the state-backed ONDC to offer last-mile logistics services for all categories, including food delivery, grocery shopping, and pharmaceuticals, which would be powered by Ola Electric two-wheelers.
On the other hand, a report also said last year that Ola was trying to lure drivers with the promise of a monthly income of more than INR 70,000 per month in order to fast expand its ebike taxi service.
“As a group, we have strong synergies between Ola and Ola Electric with large scale EV manufacturing capabilities and deep mobility network insights across India, which we will leverage to accelerate this transition… we will scale aggressively across multiple cities in the near future,” an ANI Technologies spokesperson told Mint then.
Ola Electric is currently leading the electric two-wheeler race in India, followed by TVS Motor, Ather Energy, and Bajaj Auto. However, the emobility major continues to be heavily dependent on government subsidies for its sales volume, which remains a key risk to its future growth.
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