Ola Electric Scooter: Customers may book their Ola Scooter for a refundable deposit of Rs 499, according to Ola Electric, which has launched reservations for its electric scooter.
Priority delivery will be given to those who book their scooter on olaelectric.com. Ola has stated that the features and price would be revealed in the coming days.
“It will help speed the shift to sustainable mobility with its outstanding performance, technology, and design, as well as its aggressive price. India has the potential to become the world leader in electric vehicles, and Ola is pleased to be at the forefront of this movement,” said Bhavish Aggarwal, Chairman and Group CEO of Ola.
Ola Electric takes loan of $100 million from Bank of Baroda
Ola Electric announced the news just days after raising $100 million in long-term loan from Bank of Baroda to complete the first phase of construction of its facility, which would produce electric two-wheelers.
The Bhavish Aggarwal-led company, which was spun off from ride-hailing service Ola, is building a 500-acre plant in Krishnagiri, Tamil Nadu, with the goal of producing 10 million cars per year at full capacity, making it the world’s largest two-wheeler factory, according to the company.
Ola Electric, according to Moneycontrol, aims to invest $2 billion over the next five years with its partners to build more than 1 lakh charging stations in 400 cities. One of the major roadblocks to widespread EV adoption in India is a lack of charging facilities.
Ola Electric market capitalization over $1 billion
Ola Electric Scooter has a market capitalization of over a billion dollars, thanks to investors such as Matrix Partners, Tiger Global Management, and SoftBank.
Ola’s main ride-hailing unit is also seeking to float on stock exchanges shortly, having acquired $500 million from Warburg Pincus and Temasek for the purpose, allowing early investors Tiger and Matrix to sell a portion of their interest in the firm.