Bhavish Aggarwal enters India’s billionaire club after successful Ola Electric IPO

Bhavish Aggarwal, the co-founder and chief executive officer (CEO) of Ola Electric Mobility, has recently joined the ranks of India’s elite billionaires. As Ola Electric’s shares surged 20% on their market debut, Aggarwal’s personal net worth skyrocketed to a staggering ₹12,420 crore (over $1.5 billion), propelling him into the elite club of Indian billionaires.

The ₹6,145-crore initial public offering (IPO) of Ola Electric was a resounding success, with the issue being oversubscribed 4.27 times during the bidding period from August 2 to August 6. The strong investor demand underscores the market’s confidence in Ola Electric’s growth potential and Aggarwal’s vision for the future of electric mobility in India. After opening flat, the share price surged upwards on the back of strong interest from institutional investors and a resurgence of interest among general investors.

Aggarwal and Ola’s humble beginnings

Bhavish Aggarwal’s journey to billionaire status is a true rags-to-riches story. Hailing from a middle-class family in Ludhiana, Punjab, Aggarwal’s early life was marked by financial constraints and a deep-rooted desire to make his mark on the world. His unwavering determination and entrepreneurial spirit, combined with his technical expertise, would ultimately pave the way for his remarkable success.

Aggarwal co-founded Ola, the ride-hailing giant, in 2010, initially operating in a modest office in Bengaluru. From these humble beginnings, Ola has evolved into a dominant player in the Indian transportation ecosystem, disrupting the traditional taxi industry and offering a range of mobility solutions to consumers.

In 2017, Aggarwal recognized the immense potential of the electric vehicle market and decided to pivot Ola’s focus towards this burgeoning sector. The launch of Ola Electric Mobility marked a strategic shift for the company, as it sought to lead the charge in India’s transition to sustainable transportation.

One of Ola Electric’s most ambitious projects is the Ola Futurefactory, a state-of-the-art manufacturing facility located in Tamil Nadu. Touted as the world’s largest two-wheeler factory, this facility is a testament to Aggarwal’s vision for a greener future, with a production capacity of 10 million electric scooters per year.

In addition to his entrepreneurial achievements, Bhavish Aggarwal has also been actively involved in philanthropic endeavours. Through the Ola Foundation, he has contributed to various social and environmental initiatives, demonstrating his commitment to creating a more sustainable and equitable future.

What’s next for Ola Electric?

As Ola Electric continues to grow and expand, Bhavish Aggarwal’s leadership will be crucial in driving the company’s ambitious goals. With a strong focus on innovation, the development of cutting-edge EV technology, and a commitment to environmental sustainability, Ola Electric is poised to play a pivotal role in shaping India’s electric mobility landscape.

Bhavish Aggarwal’s journey to billionaire status is not just a personal triumph, but also a testament to the immense potential of the Indian startup ecosystem. His success story serves as an inspiration to aspiring entrepreneurs, showcasing the boundless opportunities that lie ahead for those willing to take on the challenges of innovation and disruptive thinking.