Ola Electric Mobility, India's leading e-scooter manufacturer, saw its valuation soar to 586.64 billion rupees ($6.99 billion) on Friday, following the launch of its new line of electric motorcycles. The company's shares surged by 20%, reflecting investor confidence in its plans to reduce costs by manufacturing its own batteries.

The launch marks Ola Electric's entry into the highly competitive Indian two-wheeler market, where it will compete with established players like Bajaj Auto, TVS Motor, and Hero Motocorp. Two-wheelers are a dominant mode of transport in India, with 18 million units sold last year.

Ola Electric's stock has jumped 75% since its August 9 IPO, which raised $734 million. Despite initially lowering its valuation target to $4 billion due to global tech market corrections, the company's current growth trajectory has exceeded expectations.