Indian e-scooter maker Ola Electric expects revenue to quadruple to $1.5 billion this financial year and then double that again in two years, according to a document containing corporate projections and people briefed on the matter.
The figures, however, pre-date surprise cuts by the federal government to e-scooter incentives in May.
According to the document, which was prepared ahead of investor meetings for Ola’s planned IPO worth up to $700 million and was reviewed by Reuters, the company is also targeting $220 million in operating profit for the year to end-March.
