With 205 Patents, IPO-Bound Ola Electric Leads EV Technology in India

As it prepares to go public, Ola Electric is focused on innovation and R&D to drive future growth

Ola Electric, the Indian electric vehicle (EV) manufacturer, has become India’s top patent publisher for the 2022-23 period.

According to data from Intellectual Property India, Ola Electric leads the pack with 205 patents in EV and EV-related technologies. The Data also reveals TVS in the second position with 156 published patents, followed by Suzuki (78), Honda (77), and BYD (58).

Ola Electric’s portfolio of 205 patents spans diverse aspects of EV technology, with particular focus on:

  • Battery technology (92 patents),
  • Software related to EVs (27 patents),
  • Vehicle safety (19 patents)
  • Vehicle Security (19 patents)
  • Motor and transmission (12 patents),
  • Additional innovations in vehicle body components, AI, and related technologies (36 patents).

You will be surprised to know that Ola Electric’s patent portfolio extends beyond India, with 10 EV-related registered patents and 37 pending patents in countries like the US, UK, Australia, Japan, and China.

Ola Electric Beginnings

Founded in 2017, Ola Electric emerged as a fully-owned subsidiary of ANI Technologies, the parent company of Ola Cabs. The company was looking to minimize emissions and fuel dependency for Ola’s cabs and make a transition towards mass electric mobility.

In May 2017, Ola initiated a pilot project in Nagpur, which included the installation of charging stations throughout the city and the acquisition of electric cabs, e-buses, and e-rickshaws from OEM partners.

In May 2020, Ola Electric acquired Etergo, an Amsterdam-based electric scooter manufacturer, with plans to introduce its own line of electric scooters in India by 2021.

In December 2020, Ola unveiled its plans to establish the world’s largest two-wheeler factory, known as the Future Factory, in Tamil Nadu.

In July 2021, Ola Electric received an impressive 500,000 bookings during its first month of availability.

Today, Ola is India’s largest electric two-wheeler manufacturer and has India’s largest two-wheeler EV manufacturing factory in Tamil Nadu.

Currently, Ola offers Ola S1 electric scooter in four variants:

  • Ola S1 Air
  • Ola S1X
  • Ola S1
  • S1 Pro.

Ola Electric Future Plans

Ola Electric, India’s largest electric two-wheeler manufacturer, is now looking to raise Rs 5,500 crore by issuing new shares, according to the company’s draft documents filed with SEBI. Moreover, existing shareholders plan to sell over 9.5 crore shares.

With a focus on innovation, Ola Electric plans to allocate Rs 1,600 crore from the raised funds towards research and development (R&D) efforts.

Presently, Ola has R&D facilities in India, the UK, and the US. Also, the company has the intention of innovating and developing cutting-edge EV products.

The company’s R&D department will focus on battery technology, artificial intelligence, EV-related software, vehicle safety mechanisms, motors, transmissions, and other related technologies.

According to its IPO draft papers, Ola Electric has invested over Rs 725 crore towards R&D over the last three years, with an added investment of Rs 93 crore in the first quarter of fiscal 2024.

Leading the way in patent publishing, Ola Electric shows its commitment to driving innovation and advancing the EV sector. With its IPO approaching, the company remains focused on driving R&D and technology forward.