Ola Electric acquires Amsterdam-based EV startup Etergo – will now manufacture electric scooters in India
Bhavish Aggarwal on Twitter
Ola Electric, the unicorn subsidiary of ride-hailing giant Ola, has acquired Amsterdam-based EV startup Etergo. OlaElectric will now work with the startup to bring their award-winning e-scooters to markets across the world. Bhavish AggarwalOla founder said that ‘two wheelers’ will take over the world.
AdvertisementOla Electric, the unicorn subsidiary of ride-hailing giant Ola, has acquired Amsterdam-based EV startup Etergo. And through the acquisition, Ola Electric will now work with the startup to bring their award-winning e-scooters to markets across the world.
Ola Electric, the unicorn subsidiary of ride-hailing giant Ola, has acquired Amsterdam-based EV startup Etergo.
However, the scooters will now be manufactured in India. And interestingly the cab aggregator startup Ola founder said that ‘two wheelers’ will take over the world.
“The future of mobility is electric, and the post COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally. Every year, almost twice the number of two-wheelers are sold across the world compared to cars. With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer. We look forward to building the best global capabilities in engineering, design, and manufacturing for these products to be made here in India,” Bhavish Aggarwal, Founder & Chairman, Ola Electric in a statement.
Ola Electric is aiming at the over 100 million global two-wheeler market, including the over 20-million Indian two-wheeler market.
In July 2019, Ola Electric became a unicorn after it raised $250 million from Softbank. It is also backed by Arun Sarin, former Vodafone Group CEO and also from the Chairman Emeritus of Tata Group, Ratan Tata. In March 2019, it raised ₹4 billion from Ola’s existing and early investors – Tiger Global and Matrix India.
Ola Electric had also in November 2019 partnered with BSES Yamuna Power (BYPL) and BSES Rajdhani Power (BRPL) to set up charging stations in Delhi. BSES Rajdhani Power is a joint venture of Reliance Infrastructure and Delhi government.
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