Ola Electric Mobility Pvt Ltd, the electric vehicle arm of Ola, has acquired Amsterdam-based Etergo BV, manufacturer of electric scooters.
With this acquisition, Ola Electric will enter the premium electric two-wheeler market and look to manufacture these scooters.
Founded in 2014, Etergo has developed an all-electric state-of-the-art ‘AppScooter’, which was first revealed in 2018. The AppScooter uses swappable high energy density batteries to deliver a range up to 240km.
Still in the concept stage, Ola plans to bring these electric-scooters on Indian roads by the start of 2021, with manufacturing units set up in the country.
“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,” said Bhavish Aggarwal, founder and chairman, Ola Electric.
Aggarwal confirmed that Ola will build engineering, design, and manufacturing capabilities for these products in India.
“We are looking forward to joining Ola Electric and together, reimagining electric mobility to transform the way the world moves!,” said Bart Jacobsz Rosier, co-founder and chief executive, Etergo BV.
This acquisition expected to bolster Ola Electric’s engineering and design capabilities, considering Etergo team’s vehicle development experience with automotive companies including Tesla, General Motors, Ferrari, Jaguar, and BMW.
Etergo’s team will continue to be based out of Amsterdam as they join Ola Electric.
Over the past year, Ola Electric has been planning to set up extensive charging and swapping networks around the country, and is currently running several pilots to deploy electric vehicles and charging solutions across cities with a focus on two- and three-wheelers space.
The company claims to be working with power distribution companies for developing a conducive EV ecosystem through the establishment of battery swapping and charging stations in the national capital.
In July last year, Ola Electric became one of the fastest unicorns of the Indian startup ecosystem after it raised over ₹1,725 crore (about $250 million) from SoftBank, pegging the valuation of the entity to a little more than $1 billion.
Apart from Softbank, Ola Electric is backed by the likes of Tata Sons chairman Emeritus Ratan Tata, Tiger Global, and Matrix India.