Just two years ago, Bhavish Aggarwal was facing one of his biggest tests. A video on social media showed an Ola Electric Mobility Ltd. vehicle bursting into flames in the Indian city of Pune, raising doubts about whether his bet on the world’s biggest e-scooter factory would ultimately pay off.
Satviki Sanjay, Advait Palepu, and Pui Gwen YeungThe SoftBank Group Corp. logo is displayed at the lobby inside a building, which houses the company's headquarters, in Tokyo, Japan, on Thursday, Nov. 29, 2018. Photographer: Kiyoshi Ota/Bloomberg --
Despite being yet to turn a profit since it was founded in Bengaluru in 2017, Ola Electric is among the many electric vehicle-linked firms looking at India’s public market to raise money, tapping into the craze for alternative fuels in one of the busiest countries for new share offerings. The firm made a net loss of 14.7 billion rupees in the financial year ended March 2023, its offer document shows.
But the company encountered some early stumbles. Shortly after it debuted its electric two-wheelers in 2021, it saw a major setback when Ola scooters were caught up in a spate of high-profile EV battery fires across the country.A serial entrepreneur, Aggarwal has started companies operating in a range of industries from online payments to artificial intelligence.
He seems to relish competing with global giants such as Musk’s EV venture on his home turf. As he put it in an interview with Bloomberg last year: “Tesla is for the West, Ola is for the rest.” All of his firms are in tech-led sectors, creating data that can be used by his other businesses, said Nitin Pangarkar, associate professor of strategy and policy at the National University of Singapore. “But the attention given to the businesses could be an issue.”
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