Ola Electric Mobility has significantly expanded its Ola Insiders Upgrade Program to over 150 cities following an overwhelming customer response, with over 50,000 customers expressing strong interest within days of launch. The electric vehicle manufacturer announced this expansion through a press release dated March 25, 2026, enabling 80% of customers across the country to seamlessly upgrade to the latest electric vehicles.

Strong Customer Response Drives Expansion

The rapid expansion comes after the company received exceptional traction for its upgrade initiative. Building on this momentum, Ola Electric has extended the program's reach from its initial pilot phase to cover a substantial portion of its customer base across India.

Comprehensive Ola Insiders Benefits Structure

The expanded program offers three distinct benefit categories for existing customers:

The upgrade benefit allows Gen 1 and Gen 2 customers to transition to the latest Gen 3 S1 portfolio and Roadster motorcycles, including the 4680 Bharat Cell variants. The add-on benefit provides cashback and MoveOS upgrades for customers purchasing additional vehicles under the same registered name. The referral program offers ₹5,000 in Ola credits for successful referrals, with referred buyers receiving ₹1,000 cashback.

Updated Product Portfolio and Pricing

The company's current Gen 3 vehicle lineup features competitive pricing across multiple segments:

Ongoing Navratri Mahotsav Campaign

Concurrently, Ola Electric continues its Navratri Mahotsav campaign, offering comprehensive benefits exceeding ₹30,000 during the nine-day Chaitra Navratri celebration. This festive package includes cash discounts up to ₹9,999 on the S1 range, 8-year extended warranty, and instant cashback up to ₹10,000 on EMIs with select credit cards.

An Ola Electric spokesperson stated, "The overwhelming response to the Ola Insiders Upgrade Program reflects the deep trust our community places in us. We are excited to take this program to over 150 cities, making it easier for 80% of our customers to upgrade to our latest products and continue their electric journey with Ola."

The strategic expansion of the upgrade program, combined with the ongoing festive campaign, positions Ola Electric to capitalize on India's growing electric vehicle adoption while strengthening customer loyalty through its extensive retail network.

Ola Electric Mobility Limited has published newspaper advertisements across multiple languages regarding its postal ballot notice for a strategic reallocation of Initial Public Offering proceeds worth ₹575.00 crores. The company published advertisements on March 24, 2026, in Financial Express (English), Vishwavani (Kannada), and Jansatta (Hindi) newspapers, following the dispatch of the postal ballot notice dated March 18, 2026.

Regulatory Compliance and Advertisement Submission

The company submitted copies of newspaper advertisements to National Stock Exchange of India Limited and BSE Limited under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Company Secretary and Compliance Officer Abhishek Jain (Membership No. A62027) signed the submission letter from Bengaluru.

E-Voting Schedule and Process

The postal ballot notice seeks shareholder approval through remote e-voting for reallocating funds from research and development activities to organic growth initiatives and debt repayment. The company has engaged National Securities Depository Limited (NSDL) to provide the e-voting platform.

IPO Proceeds Reallocation Framework

The proposed variation involves reallocating ₹575.00 crores from Object 3 (Investment into research and product development) to two strategic areas. The company raised a total of ₹5,500.00 crores through its public offering, with ₹1,295.63 crores remaining unutilized as of March 11, 2026.

Revised Fund Allocation Structure

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

Strategic Rationale and Market Context

The company's management cited evolving market dynamics in the Indian electric two-wheeler industry as justification for the reallocation. Industry growth has moderated to approximately 15% in the first three quarters, compared to 26% year-on-year growth from previous periods. Electric penetration within the overall two-wheeler market has reached around 6%.

Since incorporation, the company has invested approximately ₹2,000 crores in research and development to build deep technology capabilities across the EV value chain. The company has successfully stabilized its Gen3 platform, which delivers improved product quality, stronger unit economics, and greater differentiation across the portfolio.

Scrutinizer Appointment and Timeline

The Board of Directors has appointed Mr. Pramod SM (FCS No.: 7834 CP No.: 13784) or Mr. Biswajit Ghosh (FCS: 8750, CP No.: 8239) from M/s. BMP & Co. LLP as scrutinizers for conducting the postal ballot through remote e-voting process. The resolution, if approved, will be deemed passed on April 22, 2026, marking the second variation in IPO proceeds utilization following the first variation approved during the 8th Annual General Meeting held on August 22, 2025.

The company and its subsidiaries have entered into financing arrangements with banks and financial institutions, collectively amounting to approximately ₹2,602 crores outstanding as of March 11, 2026. The proposed debt repayment is expected to help reduce outstanding indebtedness and maintain a favorable debt-equity ratio.