BENGALURU: Ola Electric founder and chief executive Bhavish Aggarwal on Wednesday said the company would respond to the lawsuit filed by MapMyIndia at the right time.
MapMyIndia has sued Ola Electric, accusing it of copying its data to create Ola Maps.
At a press conference in Bengaluru, Aggarwal said Ola Electric is not even in the maps business. "There are opportunistic players across, and we will get back to them at the right time," he said.
While talking about the company's Rs 6,146 crore IPO, he also said that they are producing their own cells, and added that commercial production of the cells will begin by next year. He said after trial and commercial production, they will be using cells in new products.
The company plans to continue investing in R&D and technology, as well as in developing its cell manufacturing capabilities at its Gigafactory.
Ola Electric will launch its IPO on August 2, and the issue can be subscribed to until August 6. The IPO will be offered in the fixed price band of Rs 72-76 with a minimum bid for 195 equity shares.
The pure EV player delivered its first EV scooter in December 2021, and so far, it has launched seven products and plans to launch four new products. Its revenue from operations stood at about Rs 5,010 crore in FY24. In the previous fiscal, it was about Rs 2,631 crore.
The founder said the company's current focus is on two-wheeler manufacturing, and the next would be motorbikes.
Aggarwal said the company has heavily invested and plans to continue investing in R&D. The company also intends to utilise over Rs 1,200 crore of the net proceeds to fund its capital expenditure requirements to expand the Ola Gigafactory’s manufacturing capacity. As of March 31, 2024, the company had 870 experience centres across the country.
