Ola Electric

Ola Electric Mobility is an Indian electric two-wheeler manufacturer, based in Bangalore. Its manufacturing plant is located in Krishnagiri, Tamil Nadu, India.[1]

Ola Electric Mobility
TypePrivate limited
IndustryElectric vehicles
Founded2017 (2017) in Bangalore, India
FounderBhavish Aggarwal
Headquarters
Bangalore, Karnataka
,
India
Area served
India
Key people
Anand Shah
ProductsS1, S1 Pro
Services
  • Motor vehicle manufacturing
  • Motor vehicle distribution
  • Charging solutions
  • EV batteries
Websiteolaelectric.com

As of December 2021, it is valued at $2.7 billion.[2]

History

2017-2019

Ola Electric was established in 2017 as a wholly-owned subsidiary of ANI Technologies, the parent entity of Ola Cabs.[3][4] The company was started to reduce emission and fuel dependency of Ola's cab fleet, and shift to mass electric mobility; a pilot program was launched in Nagpur in May 2017 by setting up charging stations across the city and procuring electric cabs, e-buses, and e-rickshaws from OEM partners.[5][6] In April 2018, it announced that it aims to have 1 million electric vehicles in its fleet by 2022.[7]

Between December 2018 and January 2019, founder Bhavish Aggarwal bought a 92.5% stake in Ola Electric from ANI Technologies at a valuation of ₹1 lakh (US$1,300), and Ola Electric was spun-off as a separate entity. ANI Technologies continued to hold a 7.5% stake in Ola Electric for allowing the use of "Ola" brand name.[8]

In February 2019, Ola Electric raised US$56 million from Tiger Global and Matrix India.[9] The company announced on 6 May 2019 that Ratan Tata had invested an undisclosed amount in Ola Electric as part of its Series A round of funding.[10] It raised $250 million from SoftBank during Series B round funding in July 2019, at a valuation of over $1 billion.[11]

Ola Electric raised more than $200 million from Falcon Edge, SoftBank Group and others at a valuation of $3 billion valuation in September 2021.[12] In December the same year, it raised $53 million in an investment round led by Singaporean holding company, Temasek.

2020-present

Ola Electric acquired Amsterdam-based electric scooter manufacturer Etergo in May 2020 and announced that it would launch its own line of electric scooters in India by 2021.[13]

In December 2020, the company announced its plan to set up an electric scooter manufacturing plant in Tamil Nadu at a cost of ₹2,400 crore (US$320 million) after signing a memorandum with the Government of Tamil Nadu.[14] It acquired a 500-acre land in Pochampalli, Krishnagiri District in January 2021; the construction work for the factory began in late February.[15]

Ola Electric received 500,000 bookings for scooters in the first month of availability.[16]

Ola Electric started delivering its S1 and S1 Pro models in December 2021 with the deliveries of 100 scooters in Bengaluru and Chennai, although some promised features were not enabled in initial deliveries.[17][18]

Production

The factory spread in 500 acre, fully-automated factory located in Pochampalli town in the Krishnagiri district of Tamil Nadu, The company claims it will be the largest two wheeler factory in the world with an annual production capacity of 10 million units. The factory named the Ola FutureFactory produced its first electric two-wheeler on 15 August 2021. [19]

See also

References
  1. Mohile, Shally Seth (3 August 2021). "Ola Electric to ride into two-wheeler market with scooter launch on Aug 15". Business Standard India.
  2. Agarwal, Ankit (2021-12-08). "Ola Electric raises $53 mn in round led by Temasek, valued at $2.7 bn". mint. Retrieved 2021-12-17.
  3. "The big electric scooter battle". Fortune India. Retrieved 17 August 2021.
  4. "Ola: Ola Electric gets $250m funding from SoftBank". The Economic Times. Retrieved 17 August 2021.
  5. Peermohamed, Alnoor (27 May 2017). "Ola kicks off pilot of its electric mass mobility project in Nagpur". Business Standard India. Retrieved 23 November 2021.
  6. "Introducing Ola Electric". blog.olacabs.com. Retrieved 23 November 2021.
  7. Peermohamed, Alnoor (17 April 2018). "Ola aligns with Softbank's dream of one million electric vehicles". Business Standard India. Retrieved 23 November 2021.
  8. "The Curious Case Of Bhavish Aggarwal And Ola Electric". Moneycontrol. Retrieved 23 November 2021.
  9. "India's Ola spins out a dedicated EV business — and it just raised $56M from investors". TechCrunch. Retrieved 23 November 2021.
  10. Bansal, Varsha (6 May 2019). "Ratan Tata raises stake in Ola, invests in fledgling electric vehicle business". Mint. Retrieved 7 May 2019.
  11. Bansal, Varsha (2 July 2019). "Ola Electric races to unicorn status with $250-million fundraise from SoftBank". mint.
  12. "Ola Electric gets $200 million funding at $3 billion valuation". The Economic Times. Retrieved 2021-12-17.
  13. Bhalla, Tarush (27 May 2020). "Ola Electric acquires Etergo, looks to launch electric scooters in India by 2021". mint. Retrieved 23 November 2021.
  14. Abrar, Peerzada (14 December 2020). "Ola to invest Rs 2,400 cr for 'world's largest' e-scooter factory". Business Standard India. Retrieved 17 August 2021.
  15. "Ola Electric factory almost ready as company gears up for e-scooter launch". Hindustan Times Auto News. 4 August 2021. Retrieved 17 August 2021.
  16. Anirban Mitra (20 August 2021). "Electric Scooter News: How Ola, Simple e-scooters started solid, clocked record bookings |". The Times of India. Retrieved 20 August 2021.
  17. "Ola Electric delivers first 100 scooters without some promised features". The Economic Times. Retrieved 2021-12-17.
  18. "Ola Electric Commences S1, S1 Pro Scooter Deliveries in Bengaluru and Chennai". News18. 2021-12-16. Retrieved 2021-12-17.
  19. "Ola commences construction of mega factory on 500-acre site in Tamil Nadu, eyes production soon". www.cnbctv18.com. 25 February 2021.
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