Will cross $1-bn revenue run rate by year-end, predicts Ola Electric

The SoftBank-backed electric vehicle firm said it has surpassed Rs 500 crore revenue in its first two months of FY 22-23, and is on track to surpass the $1 billion revenue run rate by end of this year

Ola Electric — the ride-hailing firm’s electric vehicle (EV) arm — on Friday said that it had surpassed Rs 500-crore revenue in its first two months of FY 22-23, and is on track to cross $1-billion revenue run rate by the end of this year.

SoftBank-backed Ola said its growth had been achieved on the back of strong consumer demand, scaling manufacturing and a steady go-to market. The Bengaluru-based firm said this had allowed it to deliver to over 50,000 customers across different parts of the country. 

In India, Ola’s competitors include electric two-wheeler makers such as Ather Energy, Bounce,