Ola Electric is an Indian manufacturer of electric two-wheel vehicles. It is the Ola product, one of the leading ride-hailing companies in the world. Ola Electric is going to place more than 10 000 e-rickshaws in 12 months.
The funding round was led by Falcon Edge Capital. Another investor was SoftBank. The recent investments will be used for electric motorbikes, mass-market scooters, and electric car platform development. Further, Ola Electric aims to produce 1 electric scooter in 2 seconds.
Ola Electric was founded in 2017 by Anand Shah, Ankit Jain. The company was owned by Ola Cabs ANI Technologies. In 2019 Bhavish Aggarwal, now CEO of the company, bought the company’s stake. Since that year the company has tripled its value. The first electric scooter launched allowed its customer to ride 121 km without charge. The worth of the scooters sold in total is approximately $150 million. “We’re proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world,” – Bhavish Aggarwal said.