Ola Electric Mobility has officially launched its Navratri Mahotsav campaign through a press release dated March 19, 2026, offering comprehensive benefits exceeding ₹30,000 to customers during the nine-day Chaitra Navratri celebration. The electric vehicle manufacturer has introduced a festive package designed to make electric mobility more accessible while celebrating new beginnings and prosperity.

Comprehensive Navratri Mahotsav Benefits

The company's festive offering encompasses multiple customer benefits across its S1 scooter and Roadster motorcycle portfolio:

Daily Muhurat Mahotsav Special Pricing

Adding to the festive momentum, Ola Electric will host daily 90-minute Muhurat windows featuring limited units of select models at special prices:

Ola Insider Upgrade Program Expansion

Ola Electric has significantly expanded its Insider Upgrade Program to cover 60% of its customer base across India. Initially launched as a pilot in select cities, the program has generated thousands of enquiries and will now include all Gen 1 and Gen 2 Ola Electric customers, enabling seamless upgrades to the company's latest Gen 3 products.

An Ola Electric spokesperson stated, "Navratri Mahotsav is our way of celebrating the spirit of new beginnings and prosperity with our customers. This festive period is deeply significant across India, and we wanted to make electric mobility more accessible and rewarding during these auspicious nine days."

Current Product Portfolio and Pricing

The company currently offers a comprehensive range of Gen 3 vehicles:

The timing of this campaign aligns strategically with India's festive season, traditionally a period of increased consumer spending and vehicle purchases. The comprehensive benefits package addresses multiple customer concerns from initial purchase costs through extended warranty coverage, reinforcing the company's commitment to accelerating EV adoption in India.

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Ola Electric Mobility Limited announced that its Board of Directors has approved a strategic reallocation of Initial Public Offering proceeds worth ₹575 crores during a meeting held on March 18, 2026. The proposed variation requires shareholder approval and involves redistributing funds from research and development activities to organic growth initiatives and debt repayment, while also extending the timeline for utilization.

Board Meeting Outcomes

The board meeting, conducted from 05:00 PM to 05:30 PM IST, focused on modifying the utilization pattern of IPO proceeds while maintaining the overall fund allocation framework. The company raised a total of ₹5,500 crores through its public offering, with ₹1,295.63 crores remaining unutilized as of March 11, 2026. The board has also approved extending the time period for utilizing these proceeds to ensure optimal deployment.

IPO Proceeds Reallocation Details

The proposed variation involves reallocating ₹575 crores from Object 3 (Investment into research and product development) to two other strategic areas:

Revised Fund Allocation Structure

Following the proposed changes, the revised allocation across different objectives will be:

Extended Timeline and Regulatory Compliance

The company has established revised and extended timelines for fund utilization, with most objectives now targeted for completion during an extended timeframe beyond the original schedule. The reallocation maintains compliance with regulatory requirements, ensuring that general corporate purposes do not exceed 25% of gross IPO proceeds. This extension provides the company with additional flexibility to deploy funds strategically.

Next Steps and Shareholder Approval

Ola Electric Mobility will issue a notice seeking shareholder approval for the proposed variation in due course. The company has committed to providing detailed explanations in the attached explanatory statement when the notice is released. This marks the second variation in IPO proceeds utilization, following the first variation approved during the 8th Annual General Meeting held on August 22, 2025.

The strategic reallocation and timeline extension reflect the company's evolving business priorities while maintaining transparency with stakeholders and regulatory authorities. Chief Financial Officer Deepak Rastogi signed the regulatory filing from the company's Bengaluru office.