Ola bikes get a lift from group firm

Bhavish Aggarwal-led Ola Electric has sold more than 8,200 scooters to promoter group company ANI Technologies Ltd, which is looking to launch and expand its electric bike taxi service in various Indian cities.

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Ola Electric, which has filed draft papers for an initial public offering, confirmed the numbers to Mint.

However, Ola Electric's draft papers, filed on 22 December and that cite financials till 30 June, make no mention of the related-party transaction, implying these sales occurred in the six months after June.

According to three people aware of the matter, who spoke on the condition of anonymity, Ola Electric sold at least 12,000 scooters to ANI Technologies and its subsidiaries from April 2022 to December 2023, with the majority of these sales taking place in December. Ola, however, denied the bump in registrations in December. It also pointed to its own figure of 8,206 scooters registered by ANI Technologies. According to Vahan data, Ola Electric sold around 376,000 electric scooters since inception till end of December 2023.

Ola accounted for four out of every 10 electric scooters sold in India in December, data released on 1 January showed.