In an era where the global automotive industry is transforming toward sustainability, Ola Electric Mobility Pvt Ltd has emerged as a pioneering force, revolutionizing how we envision urban transportation.
Ola Electric was founded in 2017 as a wholly owned subsidiary of ANI Technologies, the parent company of Ola Cabs. The company was founded to minimize the emissions and fuel reliance of Ola’s taxis and convert to mass electric mobility; a pilot program was begun in Nagpur in May 2017 by putting up charging stations throughout the city and buying electric cabs, e-buses, and e-rickshaws from OEM (Original Equipment Manufacturer) partners.
OLA Electric Fundraise: Growth Acceleration via Temasek
Ola Electric’s fundraising has been spearheaded by Singapore’s state fund Temasek, amounting to $140 million, valuing the electric scooter maker at $5.4 billion.
Backed by Japan’s SoftBank Group, OLA has sold over 1.63 lakh scooters in the current year. It also displayed four futuristic-looking bikes that the company plans to launch in 2024.
The fundraising from Temasek is part of a bigger $250-$300 million cake, and the remaining funding is expected to be disclosed in a planned public listing in 2024. In January 2022, the company picked up $200 million from Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, among many others, at a $5 billion valuation.
OLA Electric – India’s First Gigafactory
Ola Electric’s production facility, also known as Ola’s mega factory in Krishnagiri, Tamil Nadu, is the world’s largest 2W factory and the most sustainable factory. Ola’s carbon-negative mega factory is designed to produce 2 million of its 100km/h (62 mph) electric two-wheelers annually. Not only does the factory have green vehicles, but it also is quite green itself.
Ola vs Tesla – EV Industry Players
With an eye to leading the EV revolution, Bhavish Aggarwal focuses on many factors regarding Ola vs. Tesla in the EV industry. Ola Electric’s CEO aims to displace Elon Musk’s Tesla Inc. by carving out a niche in lower-cost designs.
“The cheapest Tesla costs $50,000, which most of the world cannot afford. We have a chance to lead the EV revolution with different options priced between $1,000 and $50,000.” – OLA Electric CEO Bhavish Aggarwal.
According to him, India is already the world’s largest two-wheeler manufacturer and global market. With blue-chip investors and sovereign funds seeking alternatives to China, the country’s success in creating affordable vehicles could serve as a blueprint for how developing economies can phase out combustion engines and reduce emissions without relying on expensive electric vehicles. In India, government incentives and cheap labor are assisting in making EVs as affordable as internal combustion engine vehicles.
OLA Electric’s Vision and Impact
OLA’s CEO, Bhavish Aggarwal, envisions constructing India as a global leader in electric mobility. OLA Electric is among India’s top Electric Vehicle producers. With a mission to electrify mobility, reduce carbon emissions, and make electric vehicles (EVs) accessible to all, OLA Electric has been making headlines not only for its advanced EV offerings but also for its impressive journey in securing substantial funding to power this vision.
The world consists of potentially large geographic economies ready to consume such products. Thus, OLA Electric focuses on developing three pillars of strategy. It is developing a range of two-wheelers and automobiles, and the third pillar is vertically integrating into cell technology.
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