| Ola Electric Mobility Ltd was incorporated as 'Ola Electric Mobility Private Limited' at Bengaluru, Karnataka as a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated February 3, 2017. Subsequently, the Company was converted to a public limited company and the name of the Company changed to 'Ola Electric Mobility Limited', pursuant to a Shareholders' resolution dated October 5, 2023 and a fresh certificate of incorporation dated November 17, 2023.
The company is a pure EV player in India and is building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells. The company manufactures EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola Futurefactory. The companies business focuses on capturing the opportunity arising out of electrification of mobility in India and we also seek opportunities to export our EVs in select international markets in the future. The company has delivered four products and additionally announced six new products since the first product announcement in August 2021. The company commenced delivery of its first EV model, the Ola $1 Pro, in December 2021. This was followed by the delivery of the Ola $1 in September 2022, the Ola S1 Air in August 2023 and the Ola S1 X+ in December 2023. On August 15, 2023, the company announced other new EV scooter models, the Ola S1 X (2 kWh) and the Ola S1 X (3 kWh), in addition to the Ola S1 X+, as well as a line-up of motorcycles comprising four models, Diamondhead, Adventure, Roadster and Cruiser. The company plans to commence delivery of the Ola S1 X (2 kWh) and the Ola S1 X (3 kWh) by the first half of Fiscal 2025 and the motorcycles in the first half of Fiscal 2026. |