Ola IPO set to make Bhavish Aggarwal one of world's youngest billionaires

Just two years ago, Bhavish Aggarwal was facing one of his biggest tests. A video on social media showed an Ola Electric Mobility Ltd. vehicle bursting into flames in the Indian city of Pune, raising doubts about whether his bet on the world’s biggest e-scooter factory would ultimately pay off.The outspoken founder, who’s drawn parallels to Elon Musk, bounced back. Now, the company’s public listing is set to cement his position as one of the world’s youngest billionaires. Aggarwal, 38, will add $1.2 billion to his wealth if his SoftBank Group Corp.-backed Ola Electric lists Friday in Mumbai at the lowest end of the price band at Rs 72 ($0.86) a share, giving the entrepreneur a net worth of $2.3 billion, according to the Bloomberg Billionaires Index. Ola Electric did not immediately respond to requests for comment on Aggarwal’s net worth. Despite being yet to turn a profit since it was founded in Bengaluru in 2017, Ola Electric is among the many electric vehicle-linked firms looking at India’s public market to raise money, tapping into the craze for alternative fuels in one of the busiest countries for new share offerings. The firm made a net loss of Rs 1,470 crore in the financial year ended March 2023, its offer document shows.