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Ola Electric IPO

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About the Ola Electric IPO

- A pure EV player in India. Manufactures EVs and certain core EV components like battery packs, motors and vehicle
frames at the Ola Futurefactory
- Has delivered four products and additionally announced six new products since their first product announcement in August 2021.
- Has the highest revenue of all Indian incorporated electric 2Ws (“E2Ws”) original equipment manufacturers (“OEMs”)
from E2W sales in Fiscal 2023 according to the Redseer Report

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Strengths

Pure EV player with a leadership position in the fast-growing Indian E2W market

E2W penetration in India is expected to expand from approximately 4.5% in FY23 to 41-56% of the domestic 2W sales volume by FY28(Source:Redseer Report).Their exclusive and singular focus on EV enables them to leverage on this transition in the growing Indian 2W market. The largest E2W seller in India by number of units registered in the six-months period ended September 30, 2023 (source: Company DRHP)

In-house R&D and technology capabilities

Their in-house capabilities to develop EV technologies are driven by our focus on R&D.Their R&D efforts are centred around five key technologies:(a) software, (b) electronics, (c) motor and drivetrain, (d) cells and battery packs and (e) manufacturing technology.Their in-house R&D results in a fast time to market, low R&D costs and significant control over product performance (source: Company DRHP)

Manufacturing at scale and supply chain resilience

The Ola Futurefactory is the largest integrated and automated E2W manufacturing plant in India (in terms of production capacity) by an E2W-only OEM, as of September 30, 2023. The Ola Futurefactory is an automated manufacturing facility equipped with modular and flexible assembly lines and an in-house paint shop. As of October 31, 2023, the Ola Futurefactory had an installed capacity of one million units per year. (Source: Redseer Report)

Risks

A limited operating history and have incurred losses

They have a limited operating history. Incorporated in 2017, their Company is a pure EV player in India building vertically integrated technology and manufacturing capabilities for EVs and EV components. They delivered first electric vehicle (“EV”) scooter in December 2021. They have incurred losses and negative cash flows from operating activities.They may continue to incur operating losses in the near term as they invest in business and expand product portfolio, build capacity and scale operations.(Source: Company DRHP)

They may not be able to compete successfully in the highly competitive and fast evolving automotive market.

The India automotive market is highly competitive, and they cannot assure that they will be able to compete successfully in their markets. If products from their competitors surpass the quality or performance of their EVs or are offered at more competitive prices, or if this becomes the prevailing(Source: Company DRHP)

Financials

  • Loss for the period
  • Net Worth
  • Total Income
  • Total Borrowings
  • Basic Earning Per Share

Industry Trends

-2Ws are leading the electrification of India’s automotive market : 2Ws are at the forefront of automotive electrification in India as Indian consumer is sensitive to initial vehicle price. E2W adoption has grown rapidly to form ~5.1% of 2W registrations in H1 FY 2024, primarily led by scooters. Moreover, EVs are likely to account for almost half of the domestic 2W sales volumes by FY 2028. E2W OEMs are also well placed to serve the exports opportunity of 100-110 Mn 2W units.

- E2Ws have also reached the smaller cities in India : E2Ws are not only limited to the top cities but have also reached non-metro cities such as Kolhapur and Surat. Short & localized personal mobility needs in the smaller markets, wider distribution networks by E2W OEMs, government initiatives to promote universal household electrification & power infrastructure improvement, and focused financing support for low-mid income consumers, have driven universal adoption of E2Ws in the country.

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