OLA Electric Mobility Private Limited: History, Company Profile: Valuation, Funding & Investors

Ola Electric Mobility Private Limited

About Ola Electric:  Ola Electric Mobility is a wholly-owned subsidiary of ANI Technologies, the company that owns Ola Cabs, Ola Electric was founded in 2017.  To transition to mass electric mobility and minimise Ola’s cabs’ dependence on gasoline, the company was founded.

In May 2017, a pilot program was begun in Nagpur by installing charging stations throughout the city and purchasing electric taxis, e-buses, and e-rickshaws from OEM partners.

By 2022, it intends to have 1 million electric vehicles in its fleet, according to an announcement made in April 2018. 

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Ola electric history

Ola Electric was spun off as a separate company when creator Bhavish Aggarwal acquired 92.5 percent ownership in it from ANI Technologies between December 2018 and January 2019 for the price of 1 lakh (US$1,300). In exchange for permitting the use of the “Ola” brand name, ANI Technologies continues to keep a 7.5 percent ownership in Ola Electric.

Ola Electric raised US$56 million in February 2019 from Tiger Global and Matrix India. On May 6, 2019, the business said that Ola Electric had received an undisclosed sum from Ratan Tata as part of its Series A round of funding.

At a valuation of more than $1 billion, it received $250 million from SoftBank as part of the Series B round of funding in July 2019. 

Ola electric India

After signing an agreement with the Government of Tamil Nadu, the firm declared its intention to build an electric scooter manufacturing facility (named the Futurefactory) in Tamil Nadu for 2,400 crore (US$300 million). In January 2021, it purchased a 500-acre plot of land in Pochampalli, Krishnagiri District; in late February of that same year, the factory’s development got underway.

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In the first month that it was available, 500,000 scooter reservations were made for the Ola S1 Pro Ola Electric. Despite several promised features not being available at first, Ola Electric began shipping its S1 and S1 Pro models in December 2021 with the delivery of 100 scooters to Bengaluru and Chennai.

In September 2021, Ola Electric raised more than $200 million from Falcon Edge, SoftBank Group, and other investors at a $3 billion value  It raised $53 million in a funding round sponsored by Temasek, a Singaporean holding firm, in December of that same year.

Ola Electric raised $200 million in January 2022 from numerous investors at a US$5 billion valuation. 

Ola electric app

To incorporate and produce StoreDot’s XFC (extreme fast charging) battery technologies for future vehicles in India, Ola made a significant multi-million dollar investment in the Israeli company’s battery technology business in late March 2022.

After a fire broke out in one of their products in Pune on March 26, the business in April recalled a batch of 1441 scooters. The business claimed it was a preventative action and that it would aid in their further investigation.

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Ola Electric teased the release of its first electric vehicle on June 20, 2022. The vehicle is expected to go on sale in 2023. Bhavish Aggarwal, the CEO of the company, stated that this year’s August 15 will see the release of more information.