Ola further aims to grow its store network to 2,000 by March 2025 from present 782 as on September 2024, with each store delivering 130 sales on average per quarter, roughly 2-3x of industry average.
"Ola Electric would expand its company owned store (and colocated service infra) network to 2000 company owned stores by March 2025," the company said in a media release.
Ola, which got listed in August this year, is currently trading below the issue price of Rs 76. The fall is mainly attributed to the rising consumer complaints, prompting the Central Consumer Protection Authority (CCPA) to issue a notice. Moreover, a war erupted on X when comedian Kunal Kamra flagged rising complaints by Ola customers and CEO Bhavish Aggarwal later caught in the spot.
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In response, Ola Electric had mentioned that 99 per cent of the consumer queries had been resolved.
According to the latest data, Ola's market share fell to a 16-month low of 27 per cent. In a release in October, the company had mentioned that its market share was back above 30 per cent.
The company said that it also saw a surge in vehicle deliveries, reaching nearly 99,000 units, driven by its affordable S1 X series.
Furthermore, Ola Electric boasts the broadest portfolio in EV scooters with 6 models across a price range of Rs 75,000 to Rs 150,000.
The launch of the S1 Gen 3 series in January 2025 is expected to further boost margins, with the Roadster motorcycle series’ release planned for March.
Additionally, Ola said it remains strong as the firm progresses on its battery cell production, with the Ola Gigafactory achieving trial production milestones in Q2 with over 20,000 cells manufactured. The cells are set for integration into Ola’s electric scooters by FY26.
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