Ola Electric acquires Etergo & to own two-

wheeler next year

India based ride-hailing company, Ola Electric Mobility has acquired Amsterdam-based electric scooter manufacturer Etergo. The Ola didn’t disclose the deal amount, the Etergo has raised about $23.3 million to date from German automakers and through crowdfunding.

Ola Electric acquires Etergo

“The future of mobility is electric, and the post-COVID-19 world presents an opportunity for us to accelerate the adoption of electric mobility globally,” Bhavish Aggarwal, founder of Ola Electric, said. “With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world.”

The intellectual property, design and engineering capabilities of Etergo will be now owned by the Ola Electric.

The Etergo has made a fully electric AppScooter which is said to be the world’s first electric scooter to run Android apps with inbuilt GPS, access to 4G connectivity and electrically-controlled locks.

With this acquisition, the Ola Electric has also announced its entry into the premium electric two-wheeler market nationally and internationally.

The AppScooter is also said to be a high range of electric scooter which uses a high energy density batteries that provide a range of up to 240 km. Ola is running some pilots to deploy electric vehicles and charging infrastructure in Gurugram, Bengaluru and Nagpur with a focus on two-and three-wheelers.

It is also working with the Indian power distribution firms towards developing a conducive EV ecosystem through the establishment of battery swapping and charging stations in Delhi NCR, but the programme had faced several delays.

$1 million investment in Ola Electric Mobility 

The Hero MotoCorp Chairman and Managing Director (MD), Pawan Munjal invested about $1 million in Ola Electric Mobility through his family trust.

The Pawan Munjal is one of the foremost global corporate leaders and his Family Trust has been allotted a total of 18 preferences shares valuing each at a premium of Rs 39,87,608 and face value of Rs 10. Since a few months, the Ola electric mobility has been fundraising. It has raised funds from SoftBank and automakers Hyundai and Kia.

Ola electric mobility is running its pilot project in Nagpur, Gurugram and Bengaluru. Its competitor Uber is said to be planning to increase its electric fleet all over India.

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