NEW YORK, Aug 9 — India’s youngest billionaire Bhavish Aggarwal could double his wealth through a planned market offering of his Ola Electric Mobility Ltd, in a spectacular turnaround just two years after a fiery demonstration of his firm’s electric vehicles.
According to Bloomberg, the serial entrepreneur who has drawn comparisons to billionaire Elon Musk of Tesla Inc. fame, could add another US$1.2 billion (RM5.3 billion) to his net worth if the initial public offering on the Indian stock exchange goes through.
The possible windfall is predicated largely on Ola Electric’s “unicorn” status after securing a US$1 billion valuation in 2019 after securing an early investment from SoftBank Group Corp.
Despite not yet turning a profit since its founding in 2017, Ola Electric is tapping into India’s growing interest in electric vehicles.
Aggarwal, known for his entrepreneurial ventures and outspoken nature, has already joined the ranks of billionaires under 40.
He recently asserted that Tesla's decision not to invest in India was a loss for the electric vehicle giant, not for India.
Aggarwal told Bloomberg in a previous interview that, “Tesla is for the West, Ola is for the rest.”
