Ola Electric, an Indian electric vehicle startup backed by SoftBank, experiences a 20% increase in value on its debut, setting the company's valuation at $4.8 billion.

• On Friday, the shares of Ola Electric experienced a 20% increase in value during their market debut, resulting in an estimated valuation of approximately $4.8 billion for the Indian electric vehicle startup.
• Ola Electric raised over $730 million through its initial public offering in Mumbai by pricing its shares at 76 rupees ($0.91).
• The company has been in business for two-and-a-half years and specializes in producing electric scooters.

On Friday, the shares of an Indian electric vehicle startup increased by 20% during their market debut, resulting in a valuation of approximately $4.8 billion.

The initial public offering of Ola Electric raised the company more than $730 million, with shares priced at 76 rupees ($0.91), making it the biggest listing in India this year, according to Reuters.

By 3:52 p.m. local time, shares were trading around 91.20 rupees.

The surge in demand on the first day is due to investors' belief that the company will play a significant role in India's electric vehicle market, coinciding with government initiatives to support the industry.

Ola Electric has been producing electric scooters for just two-and-a-half years.

Electric two-wheelers are predicted to make up 60% to 70% of new scooter sales in India by 2030, according to McKinsey & Company data.

Ola Electric is preparing to launch its first electric motorbike product in the second half of 2025, following the trend it is trying to tap into.

Bhavish Aggarwal's high-profile startup is positioning itself as a company that can handle everything from design to manufacturing and batteries, similar to Tesla.

There are no plans for the company to expand into the car industry at the moment.

Some high-profile investors of Ola Electric include SoftBank and Singapore's investment fund Temasek.

The company intends to utilize IPO proceeds to settle debts, enhance R&D, and promote the growth of its gigafactory battery facility.

Despite a 90% increase in revenue year-over-year by March 31, the company's losses have not decreased. The company is still in the red.

In addition to being the founder of Foodpanda, Aggarwal is also a co-founder of Ola Cabs, a ride-hailing company in India.