Ola Electric, the Indian EV manufacturer set for an IPO, has become the top patent publisher in the country among its peers for the 2022-23 period.
Ola Electric has published 205 patents in the EV and related technologies space with the Indian patents office, ranking first in this segment of intellectual property rights. TVS is in second place with 156 patents, followed by Suzuki (78), Honda (77), and BYD (58), according to data from Intellectual Property India.
The company aims to raise INR 5,500 crore by issuing new shares in its proposed IPO, with some existing shareholders also offloading over 9.5 crore shares. Ola Electric plans to allocate INR 1,600 crore of the funds raised for R&D, emphasizing in-house product innovation. It conducts R&D activities in India, the UK, and the US, focusing on designing and developing new EV products and core components like battery packs, motors, and vehicle frames.
Out of the 205 patents published by Ola Electric, 92 are related to battery technology, 27 to EV software, 19 each to vehicle safety & security and controller segments, 12 to motor & transmission, and 36 to vehicle body components, AI, and other related technologies.
The company has also applied for patents in the EV technology space outside India, with 10 registered patents in the US, the UK, China, and the Netherlands, and 37 patent applications pending in the US, Japan, the UK, Australia, and at the Europe Patent Office through the Patent Cooperation Treaty. Ola Electric has invested over INR 725 crore in R&D over the past three years and spent over INR 93 crore in the first quarter of fiscal 2024, as shown in its IPO draft papers.
