One of India’s largest EV players, Ola Electric is all set to be listed on the stock exchanges this week. According to the Draft Red Herring Prospectus (DRHP) of Ola Electric, the company’s Chairman and managing director Bhavish Aggarwal took home a pay of Rs 2.88 crore in FY24.
Ola Elelctric’s Chief Marketing Officer (CMO) Anshul Khandelwal, who has also worked at entities of the Ola group, received an amount of Rs 79.5 lakh during a specific timeframe for his role at the EV maker.
According to Naukri.com, the average CTC of CMOs has grown 13 percent year-on-year, at Rs 60.57 lakh in 2024 from Rs 52.89 lakh in 2023.
Softbank backed Ola Electric’s $740 mn IPO likely in August
Notably, the average minimum CTC of a CMO in the retail sector is Rs 2,824,022 while the average maximum CTC is Rs 14,688,295. In the IT sector, the average maximum CTC of the CMO is Rs 1.24 crore, in the Banking sector is Rs 1.54 crore, and in Telecom it is Rs 1.38 crore as per the data by talent platform foundit.
About Ola Electric IPO
Ola Elelctric IPO will open on August 2. The Softbank-backed company is aiming to raise Rs 6,146 crore through IPO. It has set a price band of Rs 72-76 per share for the maiden share sale.
The company spent Rs 131.18 million in advertising, marketing, and sales promotion between April-June in FY24. The company’s spending on ads has gradually increased on a year-on-year basis. In fiscal year 2023, Ola Electric spent Rs 614.70 million; Rs 494.20 million in FY22, and Rs 15.95 million in FY21.
(Note: This article has been updated to reflect changes made in the second paragraph)