Ola Electric is considering expanding into the two-wheeler rental business, according to a recent tweet by CEO Bhavish Aggarwal. Aggarwal, who is currently in Goa and rented an S1 Pro, hinted at the possibility of a rental service for their S1 products in tourist cities. This idea seems feasible, especially considering that Royal Enfield recently entered the rental business.
Also read: Ola Electric Files Draft Prospectus For IPO; Targets Raising Up To Rs 5,500 Crore
In a tweet on X (formerly Twitter), Aggarwal wrote, “Thinking of building a rental service for our S1 products in tourist cities. Any comments where all in India you would use? Any other suggestions? Best comment gets an Ola S1X+.”
Ola Electric has been largely a B2C player in the electric two-wheeler space and the company will be looking to expand its presence and reach out to more customers through rentals. The two-wheeler rental space is largely operational in tourist cities with little interference from the manufacturers themselves. Ola will be the first EV player to actively enter this space, while RE remains the first motorcycle maker.
This should give customers easy accessibility to Ola electric scooters without purchasing them, bringing down the acquisition cost. Ola could integrate the rental services on its mobile app as well, allowing for easy usage of the service.
Also read: Ola Electric S1 X+ Deliveries Commenced
Ola Electric is planning for an IPO in the coming months to raise up to Rs 5,500 crore for fresh investments. This includes battery cell manufacturing, electric car and motorcycle production, apart from the existing sale of electric scooters. Reports also indicate that Ola has become the first EV player to get PLI scheme approval from the government. More details about Ola’s future plans should be revealed in the coming months.
