Ola Electric records highest ever monthly registrations in January, continues to dominate 2W EV segment with ~40% market share

• Records over 31,000 registrations
• Registers a massive Y-o-Y growth of over 70% during the month

Bengaluru, January 31, 2024: Ola Electric today announced that it recorded over 31,000 registrations (as per VAHAN Portal) in January and continued its pole position in the EV 2W segment, maintaining an impressive market share of ~40%. The company clocked its highest ever monthly registrations during the month and posted an impressive year-on-year (Y-o-Y) growth of over 70% compared to the same month last year.

In December, Ola Electric became the first EV 2W manufacturer to record 30,000 registrations in a month, and it has outperformed the numbers in January.

Anshul Khandelwal, Chief Marketing Officer, Ola Electric Technologies Private Limited, said “It is a phenomenal start to 2024 as our registrations reached an all-time high in January. We believe our strong product lineup, comprising S1 Pro, S1 Air, and S1 X+, will keep the momentum going and encourage more customers to transition to electric vehicles.”

Ola Electric has recently expanded its scooter portfolio to five best-in-class products. Priced at INR 1,47,499, S1 Pro (2nd Generation) is the company’s flagship scooter while S1 Air is available at INR 1,19,999. It has additionally introduced its ICE-killer product, the S1X in three variants – S1 X+, S1 X (3kWh), and S1 X (2kWh) to cater to the requirements of riders with diverse preferences. The S1 X+ is currently available at INR 89,999 with a flat INR 20,000 offer on the ex-showroom price of INR ₹1,09,999. The reservation window for the S1 X (3kWh) and S1 X (2kWh) is open at INR 999 only and will be available at an introductory price of INR 99,999 and INR 89,999, respectively.

Disclaimer:

OLA ELECTRIC MOBILITY LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its equity shares and has filed a draft red herring prospectus dated December 22, 2023 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the websites of SEBI at www.sebi.gov.in, stock exchanges i.e., BSE at www.bseindia.com and NSE at www.nseindia.com, respectively and is also available on the website of our Company at www.olaelectric.com and websites of the book running lead managers, i.e. Kotak Mahindra Capital Company Limited at https://investmentbank.kotak.com, Citigroup Global Markets India Private Limited at www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, BofA Securities India Limited at https://business.bofa.com/bofas-india, Goldman Sachs (India) Securities Private Limited at www.goldmansachs.com, Axis Capital Limited at www.axiscapital.co.in, ICICI Securities Limited at www.icicisecurities.com, SBI Capital Markets Limited at wwww.sbicaps.com and BOB Capital Markets Limited at www.bobcaps.in, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see the section titled “Risk Factors” on page 28 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI in making any investment decision.

The equity shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. The equity shares have not been and will not be registered under the US Securities Act of 1933 (“U.S. Securities Act”) or any state securities laws in the United States and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable United States state securities laws.