The ride-hailing company is using the pricey S1 electric two-wheelers as bike taxis in a move that probably benefits its IPO-bound former subsidiary more than itself.
Bhavish Aggarwal’s Ola Electric sold more than 8,200 scooters to Bhavish Aggarwal’s ANI Technologies, which runs Ola Cabs, Mint reported on Wednesday. This information was missing from Ola Electric’s draft red herring prospectus, which reported numbers till 30 June 2023, implying that sales occurred between July and December. Ola Electric filed its draft prospectus with the market regulator Securities and Exchange Board of India on 22 December to raise Rs 5,500 crore through a fresh issue of equity shares.
The Mint report suggests the company sold more electric scooters to ANI Tech and other subsidiaries, a claim that Ola Electric …
Pradip is a co-founder at The Morning Context and leads our newsletters vertical. He has previously worked at The Ken as a staff writer, at Mint as an assistant features editor and the Deccan Chronicle as a copy editor. He works with a slew of expert newsletter writers across subjects and domains. His own writing spans the gig economy, farmers caught in the crossfire of technology, global warming and parents trapped in the edtech wave. Some of his best stories have come at the intersection of technology and human endeavour.
Editor, Newsletters
pradip@mailtmc.com
Delhi