SoftBank-backed Ola Electric set to become India's first EV listing

BENGALURU -- Ola Electric is set to become the first electric vehicle manufacturer to list its shares in India after it gained regulatory approval for an initial public offering, but analysts said the company will need to show investors it can turn a profit amid mounting competition.

The SoftBank-backed startup received the greenlight earlier this month to raise 55 billion rupees ($658 million) in an IPO, as it seeks to boost research and development, meet operational expenses and partially repay debt, it said in its IPO prospectus, which did not state when the deal would be launched.