- Ola Electric is looking for 100 acres of land to build India’s largest e-scooter manufacturing plant.
- Earlier this year, Ola Electric reportedly acquired the Netherland-based electric scooter manufacturer Etergo BV for an undisclosed amount.
Bangalore-based emobility company Ola Electric is in talks with various state governments, including Andhra Pradesh, Karnataka, Tamil Nadu, and Maharashtra to set up India’s largest electric scooter manufacturing facility.
According to the reports, Ola Electric is currently looking for 100 acres (or about 40 hectares) land to build India’s largest e-scooter manufacturing plant as the company plans to launch its electric two-wheeler models next year.
The company is also envisaged to be state-of-the-art, use solar energy, and have zero-liquid discharge in manufacturing.
Further, Ola Electric plans to start the production process in the next 18-24 months, said reports.
In March 2019, Ola Electric first raised $57 million (or about Rs 400 crore) in its first tranche of Series A funding round led by Matrix Partners India and Tiger Global Management.
Following, In July 2019, The company raised $250 million (or about Rs 1,714 crore) in its Series B funding round from Softbank Group.
While, Hyundai Motor Company and Kia Motors also invested in Ola Electric.
So far, Ola Electric has raised over $400 million in a total of five funding rounds.
“The future of mobility is electric, and the post-COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally,” said Bhavish Aggarwal (Founder & Chairman of Ola Electric).
Ola Electric directly competes with Bajaj Auto, Ather Energy, Hero Electric, and others that are currently working in the electric two-wheeler segment.
In May this year, Ola Electric acquired Amsterdam-based electric scooter manufacturer Etergo BV, the maker of an award-winning AppScooter for an undisclosed amount.
About Ola Electric – Ola Electric is a Bangalore-based emobility company founded in 2017 by Ola. Ola Electric aims to place 10,000 e-rickshaws in service over the next 12 months. The company believes electrification can improve the outcome for the ola drivers, customers, and business model.
(with inputs from PTI)