- Ola Electric, the ride-hailing giant’s unicorn subsidiary Ola, has acquired the EV startup Etergo, based in Amsterdam.
Ola Electric, the ride-hailing giant’s unicorn subsidiary Ola, has acquired the EV startup Etergo, based in Amsterdam & by acquiring Ola Electric will now work with the startup to bring their award-winning e-scooters to worldwide markets.
Ola Electric, the ride-hailing giant’s unicorn subsidiary Ola, has acquired the EV startup Etergo, based in Amsterdam.
The scooters will now be fabricated in India, however. And interestingly the startup cab aggregator Ola founder said ‘two-wheelers’ will take over the world.
“Mobility ‘s future is electric, and the post-COVID world presents us with an opportunity to accelerate the global adoption of electric mobility. Compared with cars, almost twice the amount of two-wheelers are sold around the world each year. With hybrid, digitally linked capabilities, two-wheelers will further emerge as the world’s most favored paradigm of urban mobility and empower every user. We look forward to building the best global engineering, design and manufacturing capabilities for these products to be produced here in India, “stated Bhavish Aggarwal, Founder & Chairman, Ola Electric in a statement.
Ola Electric aims at the global two-wheeler market of over 100 million, including the Indian two-wheeler market of over 20 million people.
Ola Electric became a unicorn in July 2019 after SoftBank raised $250 million. This is also endorsed by Arun Sarin, the former CEO of the Vodafone Group and now Tata Group’s Chairman Emeritus, Ratan Tata. It raised around 4 billion in March 2019 from the current and early investors of Ola – Tiger Global and Matrix Ind.
Ola Electric had also partnered with BSES Yamuna Power (BYPL) and BSES Rajdhani Power (BRPL) to establish charging stations in Delhi in November 2019. BSES Rajdhani Power is a joint venture between the Government of Delhi and Reliance Infrastructure.
ET had previously stated that vehicle and infrastructure costs are the two main areas the business needs to concentrate on for Ola. According to analysts, Ola initially invested near Rs 50 crore in a project to build a charging infrastructure and get more than 200 electric vehicles. However, they said anything to do with electric will require a tremendous amount of development of the ecosystem, similar to Tesla’s US approach.
Earlier this month, Hero MotoCorp ‘s president and managing director, Pawan Munjal, invested about $1 million through his family trust in Ola Electric. Last year, SoftBank raised $250 million (Rs 1,725 crore) from Ola Electric Mobility, valuing the firm at close to $1 billion.