Ola Electric Updates S1X Electric Scooter with New Features

Ola Electric, one of the major electric two-wheeler companies, has updated its S1 X electric scooter with new features. These features include Find My Scooter and Vacation Mode. This electric scooter will not have to be taken to the service center for software updates.

Vacation mode is activated when the customer does not use the electric scooter for a long period. Apart from this, information related to S1 X ride and battery status will also be available. S1 X has been made available in 2 kW, 3 kW and 4 kW battery options. Its starting price is Rs 69,999 (ex-showroom). Its 2 kW battery variant has a certified range of about 91 km on a single charge. It takes about 7.4 hours to charge its battery. It can reach a speed of 0-40 kmph in about 4.1 seconds. Its top speed is about 85 kmph. It has three riding modes – Eco, Normal and Sports. This electric scooter has a 3.5 inch LCD screen. The range of the 3 kW battery variant of S1 X is about 151 km and the top speed is about 90 kmph. It can give a range of about 190 km with a 4 kW battery.

Last month, the company’s sales grew by more than six percent to 37,191 units. In the same month last year, the company sold more than 35,000 units. Ola Electric’s new S1 X range has contributed significantly to the sales and its market share has increased to around 49 percent.

Recently, Ola Electric got approval from markets regulator SEBI for Initial Public Offer (IPO). Through this IPO, the company will raise about Rs 5,500 crore. This fund will be used for capital expenditure, debt repayment and research and development (R&D). This will include new shares worth about Rs 5,500 crore and an offer for sale (OFS) of about Rs 1,750 crore. Existing shareholders can sell more than 9.59 crore shares in OFS. In this, about 4.73 crore shares will be sold by Bhavish Aggarwal, founder of Ola Electric. The company had submitted documents to bring IPO with the Securities and Exchange Board of India (SEBI) in December last year.