Ultraviolette Automotive on the Ola Electric IPO | “Our goal is to first build a sustainable business," says Niraj Rajmohan, CTO of Ultraviolette Automotive

The Indian EV space, especially in the 2W segment, has been seeing an aggressive trend wherein the startups are in their expansion sphere, one way or the other. Various startups have tasted the success of product development. However, commercial success seems to be a far-fetched dream. But, when it comes to Ola Electric, the story turns out to be positive. They are currently the market leader with around 50 per cent domination in total sales of E2W. The initial public offer (IPO) of Ola Electric has opened up for subscription, compromising a fresh equity sale of Rs 5,500 crore. In conversation with our Ed, Sirish Chandran, co-founders of Ultraviolette Automotive, Narayan Subramaniam & Niraj Rajmohan opened up on their views on the Ola Electric IPO.

They are quite optimistic and excited about Ola Electric's IPO launch, giving a positive outlook to the EV sector. However, they believe that it's the initial rush and excitement that is driving the buzz, and the technology will settle into stability once adaptability is democratised. The EV sector is currently at its nascent stage, and once people get used to the technology, the novelty will undoubtedly be driven by the qualitative value it will offer. 

"I think typically what happens, there's this thing which is called the Gartner Hype Cycle of any new tech, product or innovation that comes about. And initially, there's a lot of interest. It reaches a certain level of hype, then they also crossover from hype into what they call the trough of disillusionment, and then it stabilises over time to reality in terms of what the technology kind of does. So we are going to see different stages of this, where it starts with excitement, there's going to be a reality check. And then reality will emerge from that. We're going to be watching from the sidelines, but it's exciting for the industry on the outside, because it sort of also validates certain things in terms of scalability of certain markets", says Niraj Rajmohan, CTO of Ultraviolette Automotive.

The brand is focusing on building a sustainable business and won't jump into an IPO at this stage. The investors and company backing the brand support their long-term vision of product development. They have a different strategic approach to product development and different scale plans and are certainly eying the global market. They believe an IPO is a good way to have liquidity and let the public participate in growth. However, their target is now building a sustainable business. 

Our Boss Talks podcast with Ultraviolette Automotive founders offers a lot more insights and understanding. Click on the link below to hear everything from the EV business to their upcoming plans, along with key technological developments about their plans.