Bhavish Aggarwal, CEO of Ola Electric Mobility, has seen an extraordinary rise in his wealth following Ola Electric’s initial public offering (IPO). Since the IPO launched on August 2, the company’s stock value has surged dramatically, doubling investors’ money and boosting Bhavish’s net worth to a staggering ₹21,000 crore.
Surge in Stock Value
The surge began with Ola Electric’s stock debut on August 9. Over the next seven trading days, the stock price skyrocketed by 107%, climbing from ₹76 to ₹157.53. This remarkable increase saw the stock hit the upper circuit limit four times. Despite a minor 12% decline after reaching its peak, the overall growth has been impressive. Bhavish, who owns 30.02% of Ola Electric Mobility, holds 1,32,39,60,029 shares. This stake’s value has soared to ₹20,856 crore (approximately $2.48 billion), a direct result of the stock’s meteoric rise.
Market Outlook and HSBC Rating
HSBC has issued a Buy rating for Ola Electric shares, reflecting the promising potential of the Indian electric vehicle market. The stock has exceeded its target price of ₹140, reaching ₹157 following a positive market outlook report on August 15. Ola Electric, founded in 2017 and based in Bengaluru, focuses on electric vehicle manufacturing. The IPO was highly successful, with a subscription rate of 4.45 times, showcasing strong investor interest and confidence in the company’s future.
About Bhavish Aggarwal
Bhavish Aggarwal, born on August 28, 1985, in Ludhiana, Punjab, is a notable 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. Bhavish’s innovative ventures have significantly impacted the tech and transportation sectors. He was featured in Time magazine’s 100 Most Influential People of 2018. With a net worth of approximately $2.3 billion, Aggarwal is one of the youngest self-made billionaires globally.
Career and Achievements
Bhavish’s journey began with a computer science degree from the Indian Institute of Technology Bombay and experience at Microsoft. He co-founded Ola Cabs in 2010, revolutionising the Indian taxi industry. Recently, his focus has shifted to electric vehicles and AI. The impressive performance of Ola Electric’s stock underscores his success and the growing influence of his ventures in these dynamic sectors.
