“The journey of entrepreneurship is like jumping off a cliff and assembling a plane on the way down. You have to be prepared to face the challenges and learn quickly.” – Bhavish Aggarwal, on the challenges of entrepreneurship.
Just two years ago, Bhavish Aggarwal faced a significant challenge when a video surfaced on social media showing an Ola Electric Mobility Ltd. vehicle engulfed in flames in Pune. The incident raised concerns about the future of his ambitious project to establish the world’s largest e-scooter factory. Despite this, Aggarwal, often likened to Elon Musk for his bold approach, has bounced back with remarkable success.
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On Friday, shares of his company, Ola Electric, surged by 20% during its trading debut on the Mumbai stock exchange, boosting Aggarwal’s net worth to $2.7 billion, according to the Bloomberg Billionaires Index. This leap added $1.5 billion to his wealth, solidifying his place as one of the youngest billionaires globally.
Ola Electric’s public listing, the largest in India in two years, raised about $733 million, a testament to the strong investor demand in India’s burgeoning IPO market. Despite the company being unprofitable since its inception in 2017, the allure of electric vehicles (EVs) in a rapidly growing market has drawn significant interest. Ola Electric, founded in Bengaluru, has become a key player among the many EV companies looking to tap into India’s public markets.
Aggarwal launched Ola Electric in 2017 with the vision of creating the world’s leading urban mobility EV company. His company quickly achieved unicorn status, thanks to early investments from heavyweights like SoftBank and Tiger Global Management. However, the journey wasn’t without hurdles. In 2021, Ola Electric faced a major setback when a series of EV battery fires, including the one in Pune, led to the recall of over 1,400 scooters.
A serial entrepreneur, Aggarwal has dabbled in various industries, from online payments to artificial intelligence. Even before Ola Electric’s IPO, he was already part of an elite club of young billionaires. Bloomberg’s wealth index includes only seven billionaires under the age of 40 worldwide, not counting Meta founders Mark Zuckerberg and Dustin Moskovitz, who both turned 40 this year.
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Aggarwal’s assertive persona reflects Prime Minister Narendra Modi’s vision of a confident and ambitious India. He has often positioned himself as a rival to global giants, notably Tesla, whose decision not to invest in India he criticized as “Tesla’s loss, not India’s.” Aggarwal’s drive to compete on the global stage was evident when he stated, “Tesla is for the West, Ola is for the rest.”
Aggarwal’s entrepreneurial journey began after graduating from the prestigious Indian Institute of Technology Bombay. He initially worked at Microsoft Research India before founding his first company, Ola Cabs, in 2010. Ola Cabs, launched as a ride-hailing app, quickly expanded into online payments and food delivery, competing directly with Uber Technologies Inc.
In 2023, Aggarwal founded Krutrim, India’s first $1 billion AI startup, which aims to build large language models, data centers, and supercomputers for the AI ecosystem. His ventures, all in tech-led sectors, generate data that can be leveraged across his businesses, creating a synergistic business model. However, the scope and ambition of his ventures have raised concerns about whether he can give each the attention they need.
Aggarwal is also a staunch supporter of Modi’s push for local manufacturing. He frequently uses social media and blogs to advocate for how his companies contribute to India’s economic growth. In a recent move, he shifted from Microsoft Azure to his own cloud services at Krutrim after criticizing Microsoft for using gender-neutral pronouns, which he dismissed as “pronoun illness.”
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Despite his sometimes abrasive style, Aggarwal’s success suggests that he is on the right path. As Nitin Pangarkar, an associate professor at the National University of Singapore, noted, “He’s like India’s Elon Musk—brash and abrasive, but that hasn’t stopped Musk from succeeding.”
Key Points:
- Bhavish Aggarwal, founder of Ola Electric, has become one of the world’s youngest billionaires after the company’s successful IPO in Mumbai, raising $733 million.
- Despite early setbacks, including a widely publicized incident where an Ola Electric scooter caught fire, Aggarwal’s company has persevered, cementing his status as a leading figure in India’s EV market.
- Aggarwal’s ventures extend beyond electric vehicles, with investments in AI through his latest startup, Krutrim, which became India’s first $1 billion AI company in 2023.
- A vocal supporter of Indian manufacturing and Prime Minister Narendra Modi’s economic initiatives, Aggarwal often positions his businesses as challengers to Western giants like Tesla.
- Known for his bold and sometimes controversial opinions, Aggarwal is frequently compared to Elon Musk for his ambitious goals and outspoken nature.
Quotes
- “India is a unique market, and what works here might not work anywhere else. Understanding the local nuances and being adaptable is key to success.” – Bhavish Aggarwal, on the importance of understanding the Indian market.
- “At Ola, we are constantly innovating and pushing the boundaries to create a more sustainable and efficient transportation ecosystem.” – Bhavish Aggarwal, on Ola’s commitment to innovation and sustainability.
- “Success is not just about building a business; it’s about creating an impact that positively changes the lives of millions.” – Bhavish Aggarwal, on his vision for Ola and entrepreneurship.
- “The future of mobility lies in electric and shared vehicles. We are committed to leading this change and making it accessible to everyone.” – Bhavish Aggarwal, on the future of mobility and Ola’s focus on electric vehicles.
Fallon Jacobson – Reprinted with permission of Whatfinger News
