Bhavish Aggarwal, CEO of Ola Electric Mobility, has seen his fortune skyrocket in just a week. The electrifying rise in Ola Electric's stock value since its market debut has not only doubled investors' money but has also propelled Aggarwal's net worth to a staggering Rs 21,000 crore.
The story began with Ola Electric’s IPO on August 2. From its initial public offering to its stock listing on August 9, the company's shares have soared remarkably. Within just seven trading days, Ola Electric's stock price surged by 107%, skyrocketing from Rs 76 to an impressive Rs 157.53, hitting the upper circuit limit four times during this period. However, the stock did face a slight decline of 12% after reaching its peak.
Aggarwal's net worth has benefited immensely from this stock surge. With a 30.02% stake in Ola Electric Mobility, he holds 1,32,39,60,029 shares, translating his stake's value to Rs 20,856 crore (approximately $2.48 billion). This meteoric rise in his wealth is directly attributed to the soaring value of Ola Electric shares on Dalal Street.
HSBC has given a Buy rating to Ola Electric shares, indicating the potential of the Indian electric vehicle market. The stock has exceeded its target price of Rs 140, surpassing Rs 157 following a positive outlook report on August 15. Ola Electric, founded in 2017 and based in Bengaluru, focuses on manufacturing electric vehicles and components. The IPO was met with enthusiastic investor response, being subscribed 4.45 times, indicating high demand and a positive market outlook.
Bhavish Aggarwal, born on August 28, 1985, in Ludhiana, Punjab, is a prominent Indian entrepreneur. He is best known as the co-founder and CEO of Ola Cabs and the founder of Ola Electric, which became India's first AI unicorn in 2024. Aggarwal's innovative ventures have significantly impacted the tech and transportation sectors, leading him to be featured in Time magazine's 100 Most Influential People of 2018. His net worth is approximately $2.3 billion, making him one of the youngest self-made billionaires globally.
Aggarwal's journey began with a degree in computer science from the Indian Institute of Technology Bombay and a stint at Microsoft. He co-founded Ola Cabs in 2010, which transformed the Indian taxi industry. More recently, his focus has shifted to electric vehicles and AI, with Ola Electric's stock making headlines for its impressive market performance.
