E-scooter maker Ola Electric valuations hit $7 bn

The country’s top e-scooter maker Ola Electric Mobility’s shares jumped another 20 per cent on Friday to end at Rs 133.

The Softbank-backed firm is now valued at Rs 58,558 crore, or $7 billion.

The latest valuation is 75 per cent above the $4 billion (Rs 33,522 crore) it sought in its Rs 6,146-crore initial public offering (IPO), largest to hit the domestic markets in over two years.

Shares were priced at Rs 76 in the IPO, which was subscribed only just over four times.

The latest jump in Ola’s stock price comes after it launched a new line of motorcycles and on bets it will lower costs by using its own batteries.