Ola Electric, the electronic vehicle business of Ola, recently completed the acquisition of an Amsterdam-based electric scooter start-up as it looks forward to locally manufacture and launch its very own line of two-wheelers later this year. The Indian firm stated it had acquired a firm named Etergo that has built a scooter that uses high energy and a swappable battery that is capable of delivering a range of up to 240 km. The design and efficiency of the scooter are so impressive and imposing that its maker is now being called the Tesla of the scooter world by many. The terms of the deal remained undisclosed, but Etergo was valued at nearly $90 million in its previous financing round.
The Indian firm that bagged the unicorn status last year after it successfully raised $300 Million stated that it is planning to launch its line of electric two-wheelers in India next year. This acquisition is expected to further boost solid engineering and design capabilities of Ola Electric, along with the Etergo team’s extensive and in-depth vehicle development experience with some major automotive companies such as General Motors, Ferrari, Tesla, Jaguar, and others. In the present times, gasoline-powered two-wheelers are majorly found on Indian roads. However, a handful of established players and new entrants including Here Electric Vehicles and Ather Energy have started designing and manufacturing the electric counterpart to traditional vehicles in the country in recent years.
For Ola, its two-wheelers mobility option, which has proven to be much more affordable for millions of Indians has long been a focus area. The firm stated that Ola Bike, the two-wheeler bike service it offers, is successfully operational in nearly 150 cities and towns in India and is intended to grow this business segment three times in the next year.