Ola Electric Mobility saw shares surge 20% on their trading debut this week.
It cames as investors bet on the future of EV adoption.
The firm was valued at US$4.8bn and its $734m IPO was India's biggest so far in 2024.
The company is the leading player in a country where adoption of EVs is still low, Reuters reported, however prime minister Narendra Modi's government is currently promoting clean energy.
While the firm currently produces two wheel electric scooters, it has plans to make its first electric car by the end of 2024, tipped to launch in the UK by 2025.
It was said to have a 310 mile range to take on Tesla’s Model 3.
