IPO bound Ola cuts sales targets: Report

Ola Electric has curtailed its sales targets ahead of its listing, as per a document reviewed by Reuters. The electric two-wheeler company slated to go public, has cut its sales targets till 2025 by over half, and deferred its goal of achieving profits by a year, the newswire reported, on reviewing a document and talking to two persons in the know of the firm's finances. 

The newswire has reviewed a document that shows that the Softbank-backed electric two-wheeler firm, now expects to record 300,000 e-scooter sales in the ongoing fiscal year to March 2024, which is lower by two-thirds, as compared to its initial ambition of 882,000 e-scooter sales, as reported by Reuters in July. 

The company's revenue target is $591 million against the previous goal of $1.55 billion, indicating a cut of around 60%, as per the internal document, Reuters reported. 

Ola neither took cognisance of nor gave comments to the newswire on the cuts to internal forecasts, and said that future financial targets were 'yet to be verified.' 

"This is completely confidential information of the company," the company told Reuters.