About OLA Electric Scooters
Ola Electric Mobility is an Indian electric two-wheeler manufacturer based in Bangalore. The manufacturing plant is located in Krishnagiri, Tamil Nadu, India. The establishment of Ola Electric started in 2017 as a wholly-owned subsidiary of ANI Technologies, the parent entity of Ola Cabs. The motto for the start of this company was to reduce the emission and fuel dependency of Ola’s cabs and shift to mass electric mobility.
The factory is spread over a 500-acre, fully-automated factory in Pochampalli town in the Krishnagiri district of Tamil Nadu. In December 2020, the company announced its plan to set up an electric scooter manufacturing plant in Tamil Nadu for ₹2,400 crores after signing a memorandum with the Government of Tamil Nadu. Ola Future factory produced its first electric two-wheeler on 15 August 2021. The factory has been manufacturing nearly 1000+ electric scooters from 2022 onwards.
While talking fundraising and investments, the company raised over 200 million dollars from Falcon Edge, SoftBank Group etc., at a valuation of 3 billion dollars in September 2021. In December of the same year, Ola Electric raised $53 million in investment from a Singaporean holding company Temasek. Ola Electric raised 200 million US dollars from multiple investors at a valuation of 5 billion US dollars in January 2022. In late March 2022, Ola invested in Israel-based battery technologies company StoreDot to incorporate and manufacture its XFC (extreme fast charging) battery technologies in India.
The current portfolio of Ola consists of three models – Ola S1, Ola S1 Pro and Ola S1 Air. Ola S1 was launched in 2020, Ola S1 Pro in 2022 and Ola S1 Air in 2023. Among these models, Ola S1 Air is the most affordable model, while Ola S1 Pro has the most features and performance.
