Ola Electric bears responsibility for being custodians of public money: CEO Bhavish Aggarwal after market debut

Ola Electric Mobility made its stock market debut earlier today, after which Chief Executive Officer (CEO) Bhavish Aggarwal said Ola Electric now ‘’bears the responsibility of being custodians of public money, tasked with allocating it wisely for the benefit of all stakeholders - consumers, employees, shareholders, and most importantly, society,'' at the listing ceremony.

‘’I hope when we all remember this day, wherever we are, in whichever company or job or country, we remember this emotion that we all feel today - that our destination is still far ahead!,'' said Aggarwal addressing the listing ceremony.

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Shares of India’s largest electric two-wheeler (e2W) maker rallied nearly 20 per cent to hit the upper circuit limit against the issue price of ₹76 after listing on a flat note. The Softbank-backed E2W maker debuted at ₹75.99, marginally down by 0.01 per cent from the issue price on the BSE.

The stock made a quick comeback and jumped 19.97 per cent to ₹91.18 -- the upper circuit limit. The initial public offering (IPO) of the pure electric vehicle (EV) player commenced on August 2 and concluded on August 6. The company's market valuation stood at ₹40,217.95 crore.

CEO Bhavish Aggarwal at Ola Electric Mobility's listing

Reflecting on the company's rapid growth and success in leading India's EV revolution, Bhavish Aggarwal, CMD, Ola Electric Mobility Ltd said that while their hard work and achievements are significant, the day was not merely about celebrating past accomplishments.

Instead, he underscored the importance of drawing inspiration from their journey and embracing the responsibility of being custodians of public money. He urged everyone to remember the sense of purpose they felt on this day, as the journey toward building the India of their dreams continues.

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‘’Today, as Ola Electric goes public, I find myself reflecting on what this day truly represents.

While IPO ceremonies happen frequently, this one is different because it marks not just my journey, but our collective journey. Though entrepreneurs often receive the spotlight, we all know it's the team - those who show up every day to get their job done - that deserve the credit.

And not just the team, but their families, who have sacrificed as much as my own, to ensure their loved ones can contribute to our mission. I want to acknowledge and thank them all,'' said Aggarwal.

The Ola Cabs chief expressed gratitude to his family, parents, and his wife ‘’who made everything seem possible and achievable, with so much grace''. ‘’I must also thank my “Guru”, TVG. The "Darja" of Guru is unique in our Indian culture as one who shows the way, and he has done so for more than 12 years!,'' he added.

Aggarwal said that as he ponders the significance of this day, he asked himself: ‘’what message should I convey?''

‘’Is it that we all worked tirelessly, to build this company to this scale so quickly? Yes, our hard work has definitely paid off, and the world recognizes that. But today isn't only about our hard work. Is it that we have built a new industry in India and led the EV revolution to help create a better tomorrow?''

Also Read: Ola Electric share price jumps 19% after flat debut. Buy, sell or hold?

He continued that in just three years from launching their first product, India is now one of the world's largest EV two-wheeler markets. ‘’But today isn't only about our achievements so far,'' he said, adding, ‘’Perhaps it's that we fought the naysayers and disbelievers to build something for all to be proud of.''

Aggarwal noted that the company was written off from day one, yet it didn't let that affect them and kept building. ‘’But today isn't about our vanity either,'' he said. 

‘’In truth, today isn't about giving any message to satisfy or celebrate ourselves. Rather, it's about taking a message away with us - a message of inspiration and responsibility. We're inspired to double down on our dreams and mission to truly contribute towards India's future and build the country of our dreams,'' said the Ola Cabs CEO.