Ola Electric Gets SEBI Approval for $1.5 Billion IPO, Valuation Expected at $8 Billion

Ola Electric has received final approval from the Securities and Exchange Board of India (SEBI) for its $1.5 billion initial public offering, setting the stage for what would be India's largest electric vehicle IPO and one of the biggest tech IPOs in the country's history.

The IPO will include a fresh issue of shares worth $800 million and an offer for sale of $700 million by existing investors including SoftBank and Tiger Global. The company is targeting a valuation of $8 billion. Ola Electric plans to use the IPO proceeds to expand its battery cell manufacturing capacity to 20GWh, develop solid-state battery technology, and launch Electric Motorcycle and Electric Autorickshaw product lines in 2027.

"Ola Electric is not just an EV company — we're building the world's largest vertically integrated electric mobility ecosystem. From battery cells to vehicles to charging infrastructure, everything is Made in India for the world."

— Bhavish Aggarwal, Ola Electric CEO

The company's revenue grew 400% year-over-year to ₹5,200 crore, though it reported a net loss of ₹1,200 crore due to heavy R&D and manufacturing investments. The company projects profitability by Q3 2027 as battery cell production scales. The IPO comes as India's EV market is projected to grow from $5 billion to $50 billion by 2030. Competition is intensifying with Ather Energy (IPO planned), Bajaj Auto's Chetak EV, and TVS Motor's iQube gaining market share. Ola Electric's IPO is seen as a bellwether for India's EV startup ecosystem. A successful listing could open the IPO window for other Indian EV and cleantech startups.