Ola Electric Expands Sales Network by Joining ONDC

Ola Electric CEO Bhavish Aggarwal announced that the company’s products can now be sold by anyone with a shop following its debut on the Open Network for Digital Commerce (ONDC).

In a recent statement, Aggarwal emphasized, “All @OlaElectric products will be available on ONDC from next week onwards. ONDC is the future of commerce.” This move marks a significant shift in the company’s sales strategy, opening up opportunities for retailers across India.

Expansion Beyond Company-Owned Stores:

According to Aggarwal, Ola currently operates “800 odd” company-owned stores. However, the company is now expanding its reach by allowing any retailer in India to sell Ola scooters rather than focusing solely on adding new stores or exclusive dealerships.

This strategy aims to increase the availability of Ola products across the country, making it easier for consumers to access their electric vehicles.

Financial Performance and IPO Details:

Ola Electric recently went public, reporting a notable increase in Q1 revenue year-on-year. Despite this revenue growth, the company’s losses widened to ₹347 crore for the quarter, up from ₹267 crore in the same period the previous year.

The company’s IPO, which opened in August, initially saw a decline in share value, with prices dropping 5% from ₹133.08 on August 16 to ₹126.21 on August 23. However, after listing on August 9 with an issue price of ₹76 per share, Ola Electric’s stock surged by 66% to reach ₹126.21 by August 23. This strong performance boosted the company’s market capitalization to ₹55,669 crore.

Launch of New Electric Bikes:

In addition to expanding its sales network, Ola Electric has launched three new electric bikes: the Ola Roadster, Roadster X, and Roadster Pro.

These bikes have been priced competitively, starting at ₹74,999, with two more models expected to be launched soon. This product expansion is part of Ola’s broader strategy to dominate the electric vehicle market in India.