Akshata Sharma
Share
Bhavish Aggarwal-led Ola Electric has reportedly suspended its electric car launch plans as the company aims to focus on its electric scooter business, Reuters reported.
In 2022, Aggarwal laid out plans to launch an electric sports car with an all-glass roof in two years that could reach 100 km per hour within four seconds.
The report comes after another report claimed that Ola Electric, which has gained a 46% market share in e-scooters, will launch its much-anticipated IPO next in August.
The report said the company is looking to raise around $740 million through a combination of a fresh issue and an offer for sale, targeting a post-money valuation between $4 billion and $4.25 billion.
This is a significantly lower valuation compared to its previous $5.4 billion valuation in the last funding round.
--Advertisement--
