Ola Electric achieves a 115% growth record at the end of FY24

Ola Electric achieved a growth of 115 per cent (year-on-year) in FY24 over FY23 with 328,785 units registered as against 1,52,741 units in FY23, the company said on Monday. The company has reportedly grown by 42 per cent (quarter-on-quarter) with 119,310 units registered during Q4 FY24, compared to 84,133 units in the previous quarter.

Bhavish Aggarwal, Founder and Chairman at Ola posted on X: “Crossed 50,000 for the first time, touched 53,000 registrations in March. The EV industry had a massive growth of 30 per cent in FY24 with over 9 per cent EV penetration in March.”

With the launch of S1 X (4kWh), Ola Electric expanded its portfolio to six products (S1 Pro, S1 Air, S1 X+, S1 X - 2 kWh, 3kWh, 4kWh), ranging across different price points and catering to customers with different range requirements.

“The fact that we recorded almost 1.20 lakh registrations in Q4 FY24 alone speaks volumes of our robust scooter portfolio, and we aim to continue the growth trajectory and contribute further to India’s electrification journey,” said Anshul Khandelwal, Chief Marketing Officer, Ola Electric.

Ola Electric has also launched an 8-year/80,000 km extended battery warranty for the entire range of products at no extra cost.

It was back in January (2024) when Ola Mobility planned to deploy 10,000 electric two-wheelers across three cities in the next two months. It eventually scaled up its service across the country by the end of the year. This follows the successful pilot project of the e-bike service which was launched in Bangalore in September 2023.

With this deployment, Ola further aims to have the largest EV 2W (electric vehicle two-wheeler) fleet in the country. The company plans to scale up its e-bike services nationwide by the end of the year.