Ola Electric CEO Bhavish Aggarwal has unveiled a significant shift in the company’s sales strategy, revealing that Ola Electric products will now be available through any retail shop across India. This announcement follows the company’s recent integration into the Open Network for Digital Commerce (ONDC) network, which Aggarwal has hailed as the “future of commerce.”
In a move aimed at broadening its market presence, Ola Electric will leverage the ONDC platform to make its electric scooters accessible through a wide range of retail outlets, beyond its existing network of company-owned stores and exclusive dealerships. Aggarwal highlighted the company’s current footprint, noting, “Ola now has around 800 company-owned stores. Instead of expanding through more exclusive dealerships, we are opening up the opportunity for anyone in India to sell Ola scooters.”
This strategic shift comes as Ola Electric continues to make waves in the electric vehicle market. The company recently reported a surge in Q1 revenue year-on-year, though it also saw its losses widen to ₹347 crore, up from ₹267 crore in the same quarter last year. Despite these financial challenges, Ola Electric’s market performance has been strong, with its IPO making headlines.
Ola Electric’s IPO, which launched in August, initially saw its shares decline from ₹133.08 on August 16 to ₹126.21 by August 23. However, since its listing on August 9 at an issue price of ₹76 per share, the company’s stock has surged by 66%, reflecting strong investor interest and a market capitalization of ₹55,669 crore.
The company’s recent product launches, including the Ola Roadster, Roadster X, and Roadster Pro, have been priced competitively, starting at ₹74,999. These new models are expected to further enhance Ola Electric’s appeal in the growing electric vehicle market.
Aggarwal’s announcement underscores Ola Electric’s commitment to expanding its reach and making its products more accessible to a broader audience. By partnering with a diverse array of retail outlets through the ONDC network, Ola Electric aims to accelerate its growth and solidify its position in the electric mobility sector.
