On the Eve of Indian Independence Day, Bengaluru based-Ola Electric Mobility Pvt. finally launched its first series of E-scooter in two variants – the Ola S1, which will be available in five colours, and the Ola S1 Pro. This more powerful variant will be available in 10 colours.
S1 is priced at ₹99,999 (ex-showroom), the S1 Pro is ₹1,29,999 (ex-showroom), excluding subsidies by state governments. In a company’s statement, Ola S1 will be officially available to purchase from the 8th of September 2021, with deliveries beginning in October in 1,000 cities and towns across the country. For now, Ola S1 is available for reservation at ₹499.
Recently the company has announced its incorporation as a new entity Ola Electric Technologies Private Limited, and raised a $100 million debt fund from BoB (Bank of Baroda). Ola Electric Mobility is the holding company for the newly incorporated entity (Ola Electric Technologies Private Limited) and controls 100% stake in Ola Electric Technologies.
It has an “industry-leading range of up to 181 km, acceleration of 0-40 kmph in 3 seconds, with a top speed of 115 kmph respectively,” it stated. It is equipped with a multi-microphone array, AI speech recognition algorithms, and 7-inch touchscreen displays.
“The EV transition is significant for our country, and the whole industry needs to adopt it. We have to build the technology in India. By the end of 2025, all two-wheelers in the country should be electric. The EV revolution is here to stay whether the incumbents like it or not. We want 50 percent of all-electric two-wheelers produced for the world to be made in India,” said chairman and group chief executive officer of Ola, Bhavish Aggarwal.
Incorporated in 2019, Ola Electric became a unicorn in July same year (2019) with a $250 million worth Series B round financed by SoftBank. While its Series A was led by Tiger Global, Matrix Partners, and several others. According to our sources, the company is currently in talks to raise $200-300 million in a new round.
The company had bought Amsterdam-based electric scooter manufacturer Etergo in May 2020. In EV’s scooter Industry, Ola Electric’s scooter will directly compete with the scooters of Hero Electric, Ather Energy, Okinawa Scooters, Ampere Electric, Tork Motors, and Honda Activa.