Ola Electric shares jump 4% as all promoter pledges released, firm launches Hyperservice Centres

Ola Electric share price

The shares of Ola Electric Mobility jumped more than 4 percent on December 23 after the company announced that it has used proceeds from CEO Bhavish Aggarwal's stake sale to repay loan. Additionally, it also announced the launch of Hyperservice Centres designed to offer same-day service guarantee.

The shares of the EV bike-maker rose to Rs 36.10 apiece, extending gains for the third consecutive session. This comes after the stock fell 26 percent in less than a month.

Ola Electric becomes promoter pledge-free:

Ola Electric Mobility on December 18 announced that its promoter and CEO Bhavish Aggarwal has completed the sale of a small portion of his personal shareholding to fully repay promoter-level loan of approximately Rs 260 crore.

In an exchange filing released in post-market hours of December 22, Ola Electric said that after the completion of the one-time monetization of a portion of Aggarwal’s shareholding, it confirms that "the proceeds from the sale have been utilized for repayment of debt, interest and charges thereon and the remainder will be used for payment of applicable taxes pertaining to the aforesaid transactions in due course".

"Following the repayment of the debt, all promoter-level share pledges aggregating to approximately 3.93% of the Company’s total equity have been fully released. The promoter group continues to hold 34.6% in Ola Electric," the company said.

It added that it remains focused on building a globally competitive, India-first electric mobility and clean energy company.

Ola Electric expands Hyperservice:

Ola Electric on December 23 announced the launch of dedicated Hyperservice Centres, designed to offer same-day service guarantee to eligible customers at no additional cost. As part of this expansion, the company said that it will progressively upgrade its existing service centres into Hyperservice Centres, starting with Bengaluru.

The first Hyperservice Centre has already been operational in Indiranagar, Bengaluru.

Ola Electric said that the Hyperservice Centre is designed to fundamentally simplify and speed up the service experience. Customers will be able to get their vehicles serviced within the same day, without paying anything extra, while experiencing a fully digital and transparent service journey end-to-end.

"As part of the ongoing service upgrade we are reimagining many of the fundamental aspects of the service experience. We see it as a core part of Ola ownership, and it needs the same level of innovation as the product itself. With Hyperservice Centres, we are setting a new benchmark – same-day service guarantee. At no extra cost for any customer. This is about using technology, process redesign and scale to remove friction and give every Ola customer a faster, simpler and more transparent service experience," said a spokesperson for Ola Electric.

The company aims to rapidly upgrade its select service centres to Hyperservice Centres pan-India over the coming weeks, upgrading service infrastructure nationwide after the Bengaluru launch. "The expansion reinforces Ola's focus on building a world-class EV ownership experience by combining technology, scale and customer-first design to raise industry standards for speed and reliability," it added.

Ola Electric share price:

Ola Electric shares had fallen more than 17 percent in just three sessions as founder and promoter Bhavish Aggarwal consistently sold part of his stake. As a result, the stock dropped sharply to hit an all-time low of Rs 30.76 per share on December 18. It lost more than 80 percent from record high of Rs 157.4 on August 20 last year.

The stock has now rebounded since then.

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