FILE PHOTO: The Ola company logo is seen on one of its electric scooters, ahead of the company's IPO launch in Mumbai, India, July 29, 2024. REUTERS/Francis Mascarenhas/File Photo
BENGALURU (Reuters) - India's top e-scooter maker Ola Electric Mobility surged 20% on Friday to reach a valuation of 586.64 billion rupees ($6.99 billion), after it launched a new line of motorcycles and on bets it will lower costs by using its own batteries.
The e-motorcycle launch is set to intensify competition in the world's second-largest two-wheeler market, where Ola Electric will face off with bigger rivals like Bajaj Auto, TVS Motor and Hero Motocorp.
