In a massive boost, Ola Electric founder Bhavish Aggarwal almost doubled his net worth after his company’s IPO listing which took place today (August 9).
Aggarwal now becomes one of the world’s youngest billionaires as he gets richer by $1.4 billion (Rs 11752 crore approx.) after shares of Ola Electric jumped 16 per cent, bringing his total net worth to $2.6 billion (Rs 19310 crore), as per the Bloomberg Billionaires Index.
Prior to Ola Electric Mobility Limited going public, Aggarwal held a 36.94 per cent stake in the company, translating to over 1.36 billion shares. However, following their recent listing on the Indian Indices, even though he sold off some of his stakes, the value of his remaining shares holds a robust estimate of about $1.44 billion (Rs 12087 crore approx.)
Backed by SoftBank Group Corp. and Tiger Global Management LLC, Ola raised $733 million in its IPO, making it India’s biggest in two years. The company’s shares rose 20% in post-IPO trading, valuing the company at $4.8 billion.
Aggarwal draws a parallel between Ola Electric and Elon Musk's Tesla, emphasizing Ola's comprehensive role in devising and manufacturing both its scooters as well as their batteries.
Interestingly, the Ola Electric founder was featured on Bloomberg’s wealth index of the world’s top 500 billionaires before the listing, placing himself in an elite club of billionaires under the age of 40.
Founded in 2017, the Bengaluru-based Ola Electric is currently one of the biggest electric two-wheeler manufacturers in India.
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