Led · Preferred · Oct 2025

Ola Electric operates across the electric scooter value chain through two key subsidiaries: Ola Electric Technologies (OET), which handles vehicle platforms and manufacturing, and Ola Cell Technologies (OCT), which develops and scales indigenous battery cells. The company is transitioning from supplier-sourced batteries to its own 4680 cells, a rollout slated to begin during Navratri this year. Management has outlined a roadmap to fully utilise 1.4 GWh of cell capacity by FY26 and expand to 5 GWh in FY27; the 5 GWh plant carries an estimated budget of ₹2,800 crore, partially funded by an SBI-led loan. Ola recently introduced Shakti, its first non-vehicle battery-energy-storage product that will also use the 4680 cells. While building manufacturing self-sufficiency, the firm faces intensifying competition: its two-wheeler market share slipped from 18.7 % in August (19,020 scooters sold) to 13.2 % in September (11,780 scooters). Financially, the company raised ₹5,500 crore in its August 2024 IPO and has allocated those proceeds toward R&D (₹1,049 crore), organic growth (₹901 crore), debt reduction (₹395 crore), and general corporate purposes (₹248 crore). A separate board mandate from October 2025 allows the group to raise up to ₹1,500 crore through assorted instruments to bolster operations and battery initiatives.