Ola | Business Upturn

Ola’s Gig and S1 Z scooters to feature revolutionary ‘Bharat Cell’; Check details

Aman Shukla — Wed, 04 Dec 2024 10:50:25 +0000

Ola Electric’s CEO and founder, Bhavish Aggarwal, recently revealed that the newly launched Ola Gig and S1 Z scooters will feature the company’s in-house developed Bharat 4680 lithium-ion cells. These will be the first products to use cutting-edge batteries, which boast five times the energy density (275 Wh/kg) compared to conventional 2170 cells. The batteries also offer an extended lifespan, supporting over 1,000 charge cycles and fast-charging capabilities, reaching 50% charge in just 13 minutes.

The @OlaElectric Gig and S1 Z will be the first products with our 4680 Bharat cell!! Coming April 2025 🙂🔋 pic.twitter.com/9reDMHykTv

— Bhavish Aggarwal (@bhash) December 4, 2024

The Ola S1 Z, targeted at urban commuters, and the Ola Gig, aimed at gig workers, are set to debut in April 2025. Both scooters will also feature removable battery packs, marking a first for Ola Electric. The Gig, priced at ₹39,999 (base variant), offers an IDC-certified range of 112 km and a top speed of 25 km/h, powered by a 250 W motor and a 1.5 kWh removable battery. The Gig+ variant, priced at ₹49,999, caters to gig workers traveling longer distances.

The Ola S1 Z starts at ₹59,999 and offers either a 1.5 kWh or dual 1.5 kWh battery configuration, with a range of up to 146 km. With a top speed of 70 km/h, it accelerates from 0 to 20 km/h in 1.8 seconds. The S1 Z+ variant, priced at ₹64,999, is designed for both personal and commercial use, offering enhanced durability and ruggedness.

Ola Electric shares surge nearly 13% after Citi initiates ‘Buy’ call with a Rs 90 target

Aditya Bhagchandani — Wed, 27 Nov 2024 05:42:24 +0000

Ola Electric Mobility Ltd. (Ola Electric) witnessed a sharp rise of 12.95% in its stock price today, reaching ₹82.93, following Citi Research’s ‘Buy’ initiation with a target price of ₹90. Citi’s report highlighted Ola’s leadership in India’s electric two-wheeler (E2W) market, with a ~38% market share (FY25 YTD), robust R&D efforts, and plans for future product launches.

Key Market Highlights:

Previous Close: ₹73.42
Day Range: ₹75.26 – ₹84.00
Current Market Price (CMP): ₹82.93
Market Cap: ₹346.27 billion

Citi’s Investment Thesis:

Citi’s positive outlook on Ola Electric is based on:

Dominant Market Share: Largest E2W player in India with a strong foothold.
Expanding Product Portfolio: Launch of new motorcycles and electric three-wheelers (E3Ws) in the pipeline.
Technological Edge: Vertical integration, including Li-ion cell manufacturing, which boosts profitability potential.
Premium Positioning: Valuation based on 4x FY26E EV/Sales, reflecting a premium over its peers.

Challenges Identified by Citi:

Weak EV penetration in India compared to global standards.
Intense competition in the E2W market.
Consumer perception of service quality and technology obsolescence risks.

Ola CEO Bhavish Aggarwal talks about his company’s vision!

Bhavya Rai — Tue, 20 Aug 2024 14:29:22 +0000

At Business Today’s ‘India at 100’ event, Ola CEO Bhavish Aggarwal shared the story of his journey with the company and his bold vision for its future. During a conversation with Sourav Majumdar, Editor of Business Today, and Aayush Ailawadi, Technology Editor, he affectionately referred to Ola Cabs as his “pehla pyaar” (first love). He reminisced about how the company started as a simple ride-hailing service and has now expanded into a diverse group of businesses, including Ola Consumer (formerly Ola Cabs), Ola Electric, and their latest venture, Krutrim AI.

When discussing how these ventures will work together, Aggarwal emphasized that Ola is no longer just about ride-hailing. It’s now a group of companies, each with its own unique vision. While he remains emotionally attached to Ola Cabs, he explained that the company’s growth naturally led to the creation of new ventures like Ola Electric, which aims to make India a global leader in the electric vehicle (EV) industry.

Now that Ola is a publicly traded company, Aggarwal acknowledged the increased responsibility that comes with handling public money. “We are dealing with the hard-earned money of the common man in India,” he said, underscoring the need to be extra careful in making decisions that deliver long-term value. This new responsibility has made him more mindful of balancing immediate performance with long-term strategic goals.

Aggarwal also outlined his ambitious vision for Ola Electric, aiming to make it a company that serves a global market, unlike Tesla, which he believes caters mainly to the wealthy in the West. “Tesla builds for 1 billion rich people,” Aggarwal stated, emphasizing that Ola Electric is building for the rest of the world. He reiterated his commitment to establishing India as a global powerhouse in the EV sector.

Beyond electric vehicles, Aggarwal spoke about Ola’s new venture, Krutrim, which focuses on developing advanced AI technology in India. He highlighted the vast potential in the $30 trillion global tech industry but also expressed concern about the risks of data exploitation. “We generate 20 percent of the world’s data, but only 10 percent of it stays in India,” he pointed out, comparing the current trend of exporting raw data and buying back processed insights to the colonial exploitation of India’s natural resources.

Ola Electric shares double from its IPO price of Rs 76 per share

News Desk — Tue, 20 Aug 2024 04:03:36 +0000

Ola Electric’s share price has nearly doubled since its initial public offering (IPO), reflecting a remarkable surge in investor interest. As of today, the stock is trading at ₹151.55, up by ₹5.52 or 3.78% at 9:25AM, following a strong performance since its market debut on August 9, 2024, IPO price was at ₹76.

In just six trading sessions, Ola Electric’s shares have skyrocketed by approximately 99%, hitting a high of ₹151.55 on the National Stock Exchange (NSE) earlier today. The stock price hit an intraday high of ₹157.53. This impressive rally has propelled the company’s market valuation to around ₹66,462.38 crore.

The surge in share price comes on the heels of positive market sentiment and a ‘buy’ recommendation from global brokerage firm HSBC, which highlighted the company’s favorable risk-reward profile and potential for growth in the electric vehicle (EV) sector. Despite reporting a consolidated net loss of ₹347 crore for the quarter ending June 30, 2024, Ola Electric’s revenue from operations increased by 32.3% year-on-year, reaching ₹1,644 crore.

Investors are closely monitoring Ola Electric as it continues to expand its product offerings, including the recent launch of its new Roadster series e-bike. The stock’s upward momentum and high trading volumes today suggest strong market confidence in the company’s future prospects.

Ola Electric Share Price: Hits another 10% upper circuit, up 92% from listing price

Markets Desk — Mon, 19 Aug 2024 04:24:46 +0000

Ola Electric’s stock has surged 92% from its initial listing price of Rs 76, reaching a record high of Rs 146.38 today. The surge marks a significant milestone since the company’s public debut on August 9, 2024, driven by strong trading volumes in Ola Electric shares.

The rally follows the company’s announcement on August 15, which introduced several new products, including the highly anticipated ‘Roadster’ motorbike. In addition to the new product lineup, Ola Electric outlined an ambitious future roadmap spanning its electric vehicle (EV) and energy sectors.

Adding to the positive momentum, HSBC has initiated coverage on Ola Electric with a Buy rating. The brokerage firm has set a target price of Rs 140 per share, despite expressing a conservative view on the overall EV penetration in India and other market uncertainties.

HSBC’s endorsement highlights several key factors that support the investment case for Ola Electric. The firm notes that sustained regulatory support for the EV sector, Ola’s effective cost reduction strategies, and the promising risk-reward profile of its battery venture all contribute to the company’s investment appeal.

However, HSBC also outlines potential risks, including the slower-than-expected adoption of electric two-wheelers and ongoing challenges with the battery plant. These factors could impact the company’s growth trajectory in the near term.

Ola teases electric motorcycle ahead of August 15 launch

Aman Shukla — Wed, 07 Aug 2024 07:04:49 +0000

Ola Electric is preparing to launch its electric motorcycle in the market. It announced that several new products, including its much-awaited electric motorbike, will be launched on August 15th, India’s Independence Day.

The CEO Bhavish Aggarwal’s teaser offers a first look at the Ola Roadster’s design language, which has a twin-pod LED headlamp and unique rearview mirrors. Ola Electric CEO Aggarwal confirmed this on the social media platform “X,” saying, “Future of motorcycling is here. Join us on August 15th!” Other social media posts have already divulged details of the structure of the motorcycle—from the details of the battery pack to the overall frame.”

Ola will showcase four future electric motorbike concepts during the event, however the roadster-style vehicle will be the main attraction. The company hopes to close the gap between the concept and manufacture of practical, high-performance electric bikes.

The Ultraviolette F77 Mach 2 and Matter Area are two rivals in the same class that the Ola electric motorbike is sure to directly challenge despite having a larger battery pack than most electric scooters and a conventional chain drive.

Ola Electric to unveil its first ever all electric motorcycle next year

Aman Shukla — Mon, 29 Jul 2024 12:20:56 +0000

Ola Electric stated on Monday that its first-ever all-electric motorbike will be released in India next year. The announcement was made in Mumbai on the sidelines of a press conference that the Board of Directors had organized regarding the most recent developments of Ola’s IPO.

Bhavish Aggarwal, CEO of Ola Electric, stated during the conference that the company’s first electric motorbike would be on the market in the first half of 2025 and that further information about the forthcoming models will be revealed on August 15 at an event.

Ola Electric and CEO Bhavish Agarwal have long spoken about their plans to expand their mobility offerings beyond electric scooters and into electric bikes and vehicles. While the firm has a strong presence in the electric scooter sector, with the Ola S1 Pro, Ola S1 Air and Ola S1X, it is now considering expanding into the lucrative electric bike space, which has just a few competitors.

Bhavish Aggarwal further highlighted the growth story of electric cars in India at the press conference, refuting rumours that EV sales were declining. He stated, “Potential is very large. I don’t see any slowing down of the EV story. You are seeing the incumbents are also joining the party. We are a mission driven company. Our mission is to make India a global electric vehicle hub.”

Ola announces huge discounts on its electric scooters till July 17; Check details

Aman Shukla — Fri, 12 Jul 2024 09:36:38 +0000

This month, Ola Electric is going to give out a ton of discounts on its electric scooters. Depending on the model a customer chooses to purchase, the electric two-wheeler maker, which currently holds the largest market share in the sector, is providing discounts of up to ₹20,000. The offer applies to all of its models, including the S1 Pro, S1 Air, S1 X and S1 X+ electric scooters. However, after July 17, the offer will no longer be valid.

Ola S1 Air and S1 Pro discounts

The manufacturer of electric two-wheelers is currently providing a discount of up to ₹15,000 on the S1 Air and S1 Pro electric scooters. Ola stated that both electric scooters will be offered with assured pricing and Electric Mobility Promotion Scheme (EMPS) subsidies for the next five days. The S1 Air electric scooter starts at ₹1.01 lakh (ex-showroom), while the S1 Pro is the most costly in Ola’s portfolio at ₹1.29 lakh (ex-showroom).

Ola S1 X discount

Discounts are also available from Ola Electric for the S1 X electric scooter. If one buys the electric scooter before July 17 they can save up to ₹12,500.

Ola S1 X+ discount

The S1 X+ is the Ola electric scooter model with the best discount available. Benefits of up to ₹20,000 are being offered by the EV manufacturer on this model.

Ahead of IPO, Ola Cabs CFO Hemant Bakshi quits firm days after CEO’s exit

Adnan Nasir — Mon, 29 Apr 2024 12:03:52 +0000

Hemant Bakshi, CFO of Ola Cabs, has stepped down from his position barely four months after joining even as the firm is to undertake a restructuring exercise that will affect at least 10 per cent of the staff, as per the reports by Moneycontrol.

Bakshi, whose resignation from the ride hailing firm comes into effect immediately, had joined the company in January.

“With this restructuring, certain roles within the organization will be rendered redundant and could impact as much as 10 per cent of the workforce,” revealed a source to Moneycontrol.

Bakshi had joined the force to handle day-to-day operations.

The news of Bakshi’s resignment comes just a few weeks after Ola Cabs initiated preliminary discussions with investment banks for an IPO.

Ola Cabs has also made significant new appointments in the last one month including getting Kartik Gupta as the CFO and Sidharth Shakdher as the CBO.

The firm’s sister company, Ola Electric, has filed its draft red herring prospectus with the market regulator in December with aim of raising Rs 7,250 crores via IPO, which will mark the first attempt at public listing by an Indian electric vehicle firm.

According to a report from news agency Reuters, the cab service provider Ola Cabs is said to launch its Initial Public Offering (IPO) as soon as June-July. The report said that the Softbank-backed ride-hailing firm plans to raise $500 million at a valuation of nearly $5 billion.

Ola Electric gets $140 million investment from Singapore based Temasek

Sidharth Badlani — Thu, 07 Sep 2023 12:35:01 +0000

Temasek, a Singapore-based company valued at $5.4 billion, has invested $140 million in Ola Electric. The development occurs as part of a $250 million fundraising effort to prepare for the manufacturer of electric scooters’ first public offering. Before Ola Electric files documents for an initial public offering (IPO) of up to $1 billion, reports citing sources said that there may be another round of capital raising.

The financing round has been closed, and Ola will receive the funds within a week, according to reports by Reuters and CNBC-TV18 quoting sources. Currently, the corporation is valued between $5.4 and $5.5 billion.

The company sold about 95,000 e-scooters between April and August of last year, and it was valued at $5 billion last year. In the fiscal year that ended in March 2023, it reportedly experienced an operating loss of $136 million on $335 million in revenue.

Since it started selling e-scooters in late 2021, Ola has amassed a 32% market share and is now the industry leader in India. It competes with Ather Energy as well as businesses like TVS Motor and Hero Electric.

The manufacturer of electric scooters asserted that it was “on track to surpass $1 billion run rate by end of 2022” in June of the previous year. It added in a statement that the prediction “looks even stronger” in the future. Since 2019, investors have contributed almost $800 million to Ola Electric.

Ola Electric teases new addition to scooter lineup: What to expect

Aditya Bhagchandani — Tue, 20 Jun 2023 15:15:12 +0000

Ola Electric, led by CEO Bhavish Aggarwal, recently shared an intriguing teaser image on their website, hinting at a forthcoming product. Speculation suggests that it could be a new addition to the existing Ola S1 scooter range. The Ola S1, S1 Pro, and S1 Air have already gained popularity as electric scooters, and this upcoming model will mark the company’s fourth venture into the electric two-wheeler segment. To build anticipation, Ola Electric provided a glimpse of the new scooter through the teaser image, with shadowy silhouettes hinting at its design. Notably, one of the scooters showcased appears to feature a small windscreen positioned above the headlight housing.

While the details remain shrouded in secrecy, Ola Electric’s tweet promises that more information about the new model will be unveiled in July. This announcement has sparked excitement among electric vehicle enthusiasts eager to discover what Ola Electric has in store for them. The company’s previous offerings have garnered attention for their innovative features and design, and it is anticipated that the upcoming electric scooter will bring further differentiation to Ola Electric’s lineup.

Bhavish Aggarwal, the visionary founder and CEO of Ola Electric, took to Twitter to announce the forthcoming product event. He dubbed it the “endICEAge show, Part 1,” indicating the company’s commitment to revolutionizing the scooter industry by phasing out traditional internal combustion engines (ICE) in favor of sustainable electric mobility. Aggarwal’s tweet further hinted at the existing models, the S1 Pro and S1 Air, while also teasing the possibility of “one more thing” to be unveiled at the event.

Ola Electric announces launch of new scooter, CEO confirms launch via tweet

Dixita Hazarika — Mon, 19 Jun 2023 14:24:37 +0000

Ola Electric just recently announced the launch of a new scooter in the country. Bhavish Aggarwal, the CEO of the company confirmed about the launch via a tweet. He tweeted, “Announcing our next product event in July. Calling it the #endICEAge show, Part 1! Part 1 of the show would end ICE age in scooters! With S1 Pro, S1 Air and … XXXX .. And maybe one more thing!”

A teaser image of the scooter showing its headlamp was also shared by him. The company currently offers three electric scooters in the country- Ola S1, Ola S1 Air and Ola S1 Pro. Deliveries of Ola S1 Air will begin in July this year.

Ola Electric is also working towards a new helmet detection system. According to an Autocar India report, the feature will use a camera to detect whether the rider is wearing a helmet or not. This information will be then shared with the Vehicle Control Unit (VCU) which will be relayed to the Motor Control Unit (MCU). The MCU unit will further decide whether the vehicle will switch to Ride mode or not.

Explaining about the feature, the report says that if the vehicle is in Ride mode and the system detects that the rider is not wearing a helmet, the e-scooter will automatically switch to Park mode. Further, a notification will be sent on the dashboard reminding the user to wear a helmet.

The reports stated, “Only if the system is able to detect that the rider is wearing a helmet, will the VCU allow the electric scooter/bike to switch to Ride mode, and it will then continue monitoring the rider.”

Ola Electric will be beginning the deliveries of Ola S1 Air in July this year. Ola S1 Air was launched last year. The electric scooter is the company’s most affordable e-scooter yet. It offers three different variants and comes with a starting price of ₹84,999 for the base model.

Ola Electric introduces revolutionary helmet detection system to prioritize rider safety

Aditya Bhagchandani — Mon, 19 Jun 2023 11:28:11 +0000

In a groundbreaking effort to enhance rider safety in India, Ola Electric is set to revolutionize the two-wheeler market with its innovative helmet detection system. Recognizing the alarming lack of adherence to safety protocols, particularly the usage of helmets, Ola Electric aims to transform the landscape by taking a bold step forward.

Ola Electric’s state-of-the-art helmet detection system harnesses advanced camera technology to identify whether riders are wearing helmets. The collected data is then transmitted to the Vehicle Control Unit (VCU), a vital component for electric vehicles, which subsequently relays the information to the Motor Control Unit. The Motor Control Unit, armed with intelligent algorithms, determines whether the vehicle should transition to Ride mode or remain in standby.

The electric vehicle (EV) instantly switches to Park mode if the helmet recognition system detects that the rider is not wearing a helmet while the vehicle is in Ride mode. This is where Ola Electric’s innovation truly shines. Once the vehicle is securely parked, a prominent notice appears on the dashboard, reminding the rider to wear their helmet. The VCU allows the electric scooter or bike to shift to Ride mode only if the system confirms that the rider is wearing a helmet. It continues to monitor the passenger throughout the journey to ensure a secure and safe ride.

TVS, a prominent player in the two-wheeler industry, recently announced its own camera-based helmet reminder system, underscoring the significance of rider safety. However, Ola Electric’s innovative technology takes it a step further.

While TVS sends passengers a warning message, Ola’s system goes beyond that. In the event that a rider fails to wear a helmet, the Ola electric vehicle will not start, denying the user access until the necessary safety precautions are taken. Unlike TVS, Ola Electric prioritizes locking the vehicle in Park mode, demonstrating their unwavering commitment to protecting passengers.

It is anticipated that other manufacturers will follow Ola Electric and TVS in spearheading this critical initiative for rider safety. These groundbreaking measures pave the way for a future where helmets become an indispensable part of every rider’s journey, emphasizing the paramount importance of road safety in India. Ola Electric’s helmet detection technology showcases their dedication to building an ecosystem that prioritizes rider safety and sustainable transportation.

Ola Electric introduces 60-Month loan option for S1 electric scooters: Report

Aditya Bhagchandani — Sun, 18 Jun 2023 12:59:15 +0000

Ola Electric, following in the footsteps of Ather Energy, has introduced a new financing option for its S1 range of electric scooters. In collaboration with IDFC First Bank and L&T Financial Services, Ola now offers customers a 60-month loan option, featuring the industry’s lowest interest rate of 6.99 percent. This groundbreaking offering allows customers to purchase Ola electric scooters without making any down payment, while benefiting from the most affordable monthly EMIs in the market.

Traditionally, banks and non-banking financial companies (NBFCs) provided loans for electric two-wheelers with durations ranging from 36 to 48 months. However, Ola Electric has disrupted the market by extending the loan tenure to 60 months, offering customers more flexibility. These financing options are available at Ola’s experience centers across India, where customers can explore and gather comprehensive information before making their purchase through the Ola app.

Ola Electric has established a robust network of over 700 experience centers throughout the country, steadily progressing towards its goal of reaching 1000 retail outlets by August 2023. The company’s current product lineup includes three models: S1 Air, S1, and S1 Pro. Customers can look forward to the commencement of deliveries for the S1 Air model starting from July.

Ankush Aggarwal, Chief Business Officer at Ola Electric, expressed enthusiasm about the extended loan tenure, stating, “As the market leader, we have successfully forged strong alliances with leading financing partners, offering the most lucrative options not just in Tier 1 but in Tier 2 and 3 cities as well. India has immense potential for EV 2W adoption, and our financing offers are setting new benchmarks in the industry for ease of ownership for customers.” Aggarwal also emphasized Ola’s commitment to accelerating EV adoption and making it the preferred choice for all.

As manufacturers strive to enhance the accessibility of electric vehicles (EVs), the introduction of longer loan tenures is expected to become more widespread. The recent revision in the FAME II subsidy has led to a temporary price surge in electric two-wheelers, potentially impacting sales. However, customer-friendly financing alternatives like Ola Electric’s 60-month loan option will play a vital role in mitigating this downturn and ensuring the sustained growth of the EV market.

With Ola Electric’s pioneering efforts in providing affordable financing options, the cost of owning an EV is now significantly lower compared to traditional internal combustion engine (ICE) vehicles. As the industry continues to evolve, the availability of longer loan tenures and competitive financing options will undoubtedly contribute to the mainstream adoption of electric scooters and motorcycles, making them an attractive choice for consumers across the country.

Leaked patent image reveals design of Ola Electric’s upcoming EV

Aditya Bhagchandani — Thu, 15 Jun 2023 11:04:46 +0000

Indian EV start-up Ola Electric has been keeping its upcoming electric four-wheeler under wraps, but a recently leaked patent image provides a first glimpse of the complete design. While the design in the image is likely in the concept stage and subject to changes, it does bear visual similarities to previous teasers, offering an initial impression of the vehicle. Let’s delve deeper into the details.

The initial observations suggest that Ola’s first car is likely to be a sedan with a coupe-like roofline, sharing an overall shape that bears resemblance to Tesla’s sedans. The design language appears to be minimalistic, featuring rounded and smoothened body panels, possibly for improved aerodynamic efficiency. The wheels are positioned towards the edges, allowing for a longer wheelbase and accommodating a larger battery.

In line with electric vehicles, there is no prominent grille. Instead, the smooth front bumper dominates the fascia, incorporating a pair of air intakes on each side. The headlamp assembly sits above the bumper, showcasing sleek, horizontal lamps at either end, possibly connected by an LED light bar. Previous teasers hinted at stacked horizontal blocks for the LED Daytime Running Lamps, with the light bar spanning the width of the car. The bonnet exhibits subtle sculpting.

From the side, an apparent air vent can be seen aft the front fender, accompanied by a scooped front door with flush door handles. It is likely that the car will feature cameras in place of traditional wing mirrors. The window line appears tapered at both ends, and the dual-tone aero-optimized wheels contribute to the overall design. The patent image also suggests a dual-tone effect for the roof, with previous teasers hinting at a possible full glass roof. However, the rear styling remains undisclosed in the leaked image.

Notably, Ola has previously shared various details through online teasers, with the latest teaser even showcasing a high-riding crossover. At this stage, it remains uncertain whether the brand will offer multiple body styles.

Regarding the interior, Ola had previously provided a glimpse of the upcoming four-wheeler. The teaser revealed an octagonal, two-spoke steering wheel with haptic controls, a freestanding digital instrument cluster, and a large landscape-oriented touchscreen with a floating design at the center. The teaser suggests a minimalist approach, likely devoid of physical controls.

While technical specifications are currently limited, it is expected that Ola’s electric car will employ a 70-80kWh battery pack, offering a range of over 500km. The brand has also expressed its aim for a sub-4 second 0-100kph acceleration time and a drag coefficient of 0.21Cd. The EV will feature assisted driving capabilities, keyless and handleless doors, and will be powered by Ola’s proprietary MoveOS software.

The car is scheduled for release in 2024, targeting the premium segment rather than the budget market. The starting price is anticipated to be above Rs 25 lakh.

Ola streamlines lineup for S1 Air and S1 E-Scooters

Aditya Bhagchandani — Sat, 10 Jun 2023 09:14:55 +0000

Ola, the Indian electric vehicle manufacturer, has made some significant changes to its lineup of e-scooters. Initially announced in October 2022, the Ola S1 Air was introduced with a 2.5kWh battery and an introductory price of Rs 79,999. However, in February 2023, the company expanded its offering to include three variants. Now, Ola has decided to discontinue the 2kWh and 4kWh variants, leaving only the 3kWh variant available for purchase.

Deliveries of the Ola S1 Air were initially planned to commence in the first quarter of 2023. However, as we approach the end of the second quarter, the e-scooter is yet to go on sale. Customers who had booked the other variants of the Ola S1 Air will now have no option but to choose the 3kWh variant.

The Ola S1 Air, now available solely in the 3kWh variant, is priced at Rs 1.10 lakh (ex-showroom, including FAME-II subsidy). According to a company official, the decision to discontinue the other variants was driven by the high demand for the 3kWh version. Similarly, the Ola S1 model has also been streamlined to only offer a single variant with a 3kWh battery. The discontinuation of the smaller 2kWh variant for the S1 was due to the same reason.

The Ola S1 Air boasts a 3kWh battery, offering a claimed IDC range of 125 km. It can reach a top speed of 85kph and features a motor rated for 4.5kW of peak power, as per the company’s claims.

Ola will introduce EV taxis and have a fleet of 10,000 vehicles

Aryan Jakhar — Wed, 04 Jan 2023 19:30:43 +0000

According to a company announcement on January 4, Ola will introduce electric vehicles in its ride-hailing service with a fleet of 10,000 vehicles. The company stated that the pilot is currently in its final phases. With this, Ola competes against BluSmart Electric Mobility and Uber.

While Uber was conducting a comparable experiment in the Delhi NCR, BluSmart’s operations are only available in Gurugram, certain areas of Delhi, and in the south and east of Bengaluru.

Ola stated in a statement that the new fleet, which it refers to as a premium fleet, will be driven by top-rated drivers, with 100% ride guarantee following cab allocation, 0% cancellations, 100% cashless payments, etc.

Customers have long complained about the high cancellation rates, lower acceptance rates, and drivers who prefer cash payments to internet payments.

“Electrification of the ride-hailing fleet is the next frontier for the industry and a huge step in the direction of the future of mobility. Our roadmap of developing in-house core technologies and products that can be leveraged across the group level gives us a very strong competitive advantage in the ride-hailing business. We are completely reimagining this segment to not only improve the driver and consumer experience but also offer clean and green mobility options eventually to 500 million Indians,” Chief Executive Bhavish Aggarwal said in a statement.

In addition to that, Aggarwal stated that Ola Electric is on pace to introduce electric vehicles by 2024.

Ola Electric suspends production at Tamil Nadu plant

Pranay Maniar — Fri, 29 Jul 2022 07:36:00 +0000

Ola Electric, the brand new Indian electric two-wheeler company has temporarily shut production at its Krishnagiri plant in Tamil Nadu for almost a week. This Kirshnagiri plant is also called as “Future Factory”.

Ola Electric has stated that the plant has been shut due to annual maintenance and installation of new machines.

However, some sources with the information stated that there has been an inventory pile-up. Which has caused downing tools.

There are around 4000 units of scooters piled up at the plant. And other thousands of units that have been pre-ordered by customers and are ready to be shipped.

According to a source, Ola Electric ceased the production line on 21^st July. And has cut down their daily production to 100 against the daily capacity of 600.

“Like most auto companies that go through annual maintenance at their factories, we did too. At no point can this be considered as shutting down production. Hence, clarifying that (information) is untrue,” an Ola spokesperson

The company did clarify booking numbers, production of the vehicles or even the duration of suspension of their production in the Future Factory.

Earlier in April, Ola Scooters recalled 1441 scooters as a pre-emptive measure after an Ola S1 Pro scooter was set ablaze in Pune due to a defect in manufacturing.

This incident received Union Minister of Road Transport, Nitin Gadkari. As he took on Twitter to address this issue, where he mentioned that these types of incidents will be investigated and urged companies to recall their defective batches.

Ola & Uber slammed with legal notices from CCPA

News Desk — Fri, 20 May 2022 17:16:17 +0000

The Central Consumer Protection Authority (CCPA) on Friday issued notices to Uber and Ola for unfair practices and violation of consumer rights.

Slamming the ride-hailing platforms over lack of proper consumer grievance solution. Deficiency in service, unreasonable levy of cancellation charges and fairness of algorithm used to charge fare.

Several complaints have been received against Ola and Uber.

Statistics from National Consumer Helpline (NCH) 2,482 complaints have been filed against Ola and 770 complaints against Uber for their services to consumers.

The ministry has observed unreasonable levy of cancellation charges. And that was the main issue raised by a several consumers, wherein consumers were unable to see the cancellation time.

Another complaint type where cancellation charges were borne by consumers upon forced cancellation from drivers due to their unavailability or traffic issues etc.

Last week, the CCPA, under its Chief Commissioner Nidhi Khare, warned ride-hailing platforms to fix rising consumer complaints regarding ride cancellations, cancellation charges, random surge pricing, and long waiting times, or else companies will have to face penal action.

The Department of Consumer Affairs is set assert new guidelines related to ride cancellation charges and surge pricing by ride-hailing platforms soon that will give some relief to the end users.

CCPA’s head Khare has given the ride-hailing platforms 30 days to fix their algorithms related to ride cancellations and surge pricing.

Transport Ministry asks manufacturers to recall defective EVs

Aryan Jakhar — Thu, 21 Apr 2022 14:12:39 +0000

Minister of Road Transport and Highways Nitin Gadkari asked electric vehicle manufacturers to voluntarily recall defective EVs & also stated that quality-centric rules for electric vehicles will be issued soon. In the last two months, an Expert Committee has been formed to investigate catastrophes involving electric vehicles.

Through his Twitter account, Gadkari today said, “We have constituted an Expert Committee to enquire into these incidents and make recommendations on remedial steps.”

“Based on the reports, we will issue necessary orders on the defaulting companies. We will soon issue quality-centric guidelines for Electric Vehicles,” Gadkari said.

We have constituted an Expert Committee to enquire into these incidents and make recommendations on remedial steps.

Based on the reports, we will issue necessary orders on the defaulting companies. We will soon issue quality-centric guidelines for Electric Vehicles.

— Nitin Gadkari (@nitin_gadkari) April 21, 2022

“It is really sad that some individuals have lost their lives and several have been injured in these instances,” the minister added, referring to several disasters involving electric two-wheelers that have come to light in the last two months.

If any corporation is found to be careless in their methods, Gadkari indicated that a severe penalty will be applied, as well as a recall of all defective automobiles.

Further, Gadkari said “meanwhile, companies may take advance action to Recall all defective batches of vehicles immediately. Under the leadership of PM Narendra Modi, our government is committed to ensure safety of each and every commuter.”

The government requested an investigation last month when an Ola Electric caught fire in Pune, raising safety worries. The Centre for Fire, Explosive, and Environmental Safety (CFEES) was tasked with investigating the circumstances surrounding the incident and recommending possible solutions. CFEES was also asked to share its findings as well as recommendations for preventing such mishaps.

Ola CEO Bhavish Aggarwal met Transport Minister Nitin Gadkari in New Delhi

Keertiman Upadhyay — Thu, 14 Apr 2022 09:40:10 +0000

Founder & CEO of Ola, Bhavish Aggarwal met with the Union Transport Minister Nitin Gadkari in New Delhi. The entrepreneur discussed the future of electric vehicles (EV) in India.

Aggarwal shared the development on his Twitter handle. “Met Shri @nitin_gadkari ji and discussed India’s potential to become world’s EV hub and Ola’s plans.”

Met Shri @nitin_gadkari ji and discussed India's potential to become world's EV hub and Ola’s plans. Demoed the scooter to him! His belief in bringing together an electric revolution and making sustainable mobility a reality is really inspiring for us at @OlaElectric! pic.twitter.com/eRhHcOHfOd

— Bhavish Aggarwal (@bhash) April 14, 2022

The Ola CEO had also shown a demo of the S1 Pro electric scooter to the transport minister. “Demoed the scooter to him! His belief in bringing together an electric revolution and making sustainable mobility a reality is really inspiring for us at @OlaElectric,” Aggarwal tweeted.

This development comes at times when several electric scooters have been reported to catch fire. The Centre has summoned the representative of EV makers & has ordered an investigation. Transport Ministry has handed over the investigation to the Indian Institute of Science, Bengaluru. Till now more than 100s scooters have caught fire.

Union Minister Nitin Gadkari has always been a visionary & has signalled several times that he plans to make India into an EV hub.

Center likely to summon EV manufacturers Ola & Okinawa over scooters catching fire: Report

Sathvika Chelakani — Thu, 07 Apr 2022 04:36:43 +0000

According to a report by CNBC-TV18, the Centre decided on April 7 to summon Ola Electric and Okinawa Scooters for an explanation about recent fires in their electric two-wheelers. Customers were concerned when an Ola electric scooter and an Okinawa electric bike caught fire.

The channel quoted government sources as saying, “Government to call Ola and Okinawa for an explanation on recent fires in their scooters.” Both companies’ technical teams will be summoned after an independent expert probe is completed. “After the report’s outcome, the government will decide on EVS testing standards,” CNBC reported.

The report further stated that the government is investigating whether there were quality control issues in manufacturing, customer driving styles, and how the scooters were maintained, as well as whether the ARAI and ICAT testing protocols need to be revised.

A new Ola S1 Pro electric scooter caught fire on the side of the road in Pune in the first incident. The video, which showed smoke coming from the battery compartment, quickly went viral. A parent and daughter were killed in the second incident when an unknown model Okinawa electric vehicle struck them.

Following two recent incidents in which two scooters from well-known EV brands burst into flames, the topic of EV safety has gotten a lot of attention. According to a Reuters report, lithium-ion batteries (used in Ola scooters) can catch fire if they are improperly manufactured or damaged, or if the software that controls the battery is not designed correctly.

IPO bound Ola raises Rs 150 crore in latest funding round

Vineet Jain — Tue, 22 Feb 2022 16:03:10 +0000

According to VCCircle’s examination of regulatory documents, cab ride-hailing aggregator Ola Cabs, owned by ANI Technologies Pvt Ltd, has secured Rs 150 crore in its current Series J round from Axis Growth Avenues AIF and Arrow Multi-Asset Fund.

In order to finance Rs 150 crore, Ola issued 66,268 Series J1 preference shares at a price of Rs 22,635 per share. According to the documents, Axis Growth Avenues AIF has invested Rs 112.5 crore in this tranche, while Arrow Multi has deposited Rs 37.5 crore.

Ola previously raised Rs 1,049 crore ($139 million) from 25 investors as part of its Series J round in December 2021 by issuing 4,63,471 cumulative series preference J1 shares at a premium of Rs 22,625 per share, at a valuation of $6.6 billion. In the same month, it obtained $500 million from prestigious worldwide institutional investors through a Term Loan B (TLB).

The most recent round of funding is expected to fetch a valuation of more than $7 billion.

The new round of investment for Ola comes as the firm prepares to go public this year through an initial public offering (IPO). Last year, Zomato became the first tech unicorn to list on a domestic market. Paytm, MobiKwik, PolicyBazaar, and Nykaa were among the tech unicorns added to the list in 2021.

Ola was initiated in 2010 by Bhavish Aggarwal and Ankit Bhati, the current chairman and Group CEO of Ola (Co-founder and CTO). It presently operates at over 250 sites in India, Australia, New Zealand, and the United Kingdom.

The company’s electric vehicle (EV) segment received $53 million in funding, valuing it at over $2.3 billion. Temasek, a Temasek stakeholder, invested Rs 185.71 crore in Ola Electric. IIFL and Edelweiss each contributed Rs 74 crore and Rs 111 crore through their pre-IPO financing.

In a separate filing, Ola announced the completion of its acquisition of GeoSpoc, a supplier of geospatial services, for Rs 26 crore. The business announced the acquisition last month but provided no further details.

Ola’s operational revenue declined by 63 percent to Rs. 983.2 crore in the fiscal year ended March 31, 2021. During the same time period, the corporation reduced its losses by 49 percent to Rs. 1,116 crore.

Ola aims NBFC acquisition to broaden financial services business: Report

Himanshu Mishra — Thu, 10 Feb 2022 12:38:57 +0000

IPO-bound Ola is wishing to broaden its financial services business and also planning to receive an NBFC licence via the acquisition route, revealed sources to PTI.

Ola is asserted to be in conversations to buy at least 3 companies to expand its engineering, product, as well as loan management facilities to aid the rapid development in the financial services business, two sources close to the development, told PTI.

The firms being assessed for acquisition are registered non-banking financial companies (NBFCs), which deliver both secured and unsecured loans. Ola will pull the acquisitions to deliver vehicle financing as well as personal loans, said the sources. While the firm did not instantly offer any statements, sources announced Ola has lined up contentious expansion plans for its financial services business.

As per its RoC (Registrar of Companies) filing, Ola had lately capitalized ₹786 crore in its financial services business. Ola already delivers its Buy Now, Pay Later product – Ola Postpaid that is accessible to over 40 million customers and is propelled to rise to 100 million customers in the successive six months.

However, Ola is alternatively looking to earn insurance and insurance broking licences to further strengthen its capacity to extend innovative products like telematics-based pay-per-use motor vehicle insurance, sources declared. Ola has till date sold approximately 700 million policies and the GMV of its insurance business rose over 3x in 2021. It is now launching a Gross Written Premium of over ₹1,000 crore in 2022 and will expand numerous new offerings containing an insurance marketplace for gig economy workers beyond its driver-partners.

Ola, with more than 165 million customers, is one of the biggest consumer internet platforms in the nation and expanding with financial services and insurance to its services is a natural extension.

Ola renames its express grocery delivery venture as ‘Ola Dash’

Malvika Choudhary — Wed, 26 Jan 2022 15:40:15 +0000

Ola has renamed its express grocery delivery business as Ola Dash, a prerequisite to the expansion to bring in the facet of speed in the name itself.

In July 2015, the ride-hailing firm had ventured into a standalone online grocery store in Bengaluru and a food delivery app in March of the same year. The company had the agenda to use its cabs and drivers to deliver groceries along with doing the job of chauffeurs between 9 am and 11 pm. Ola Store as it was named earlier, was launched last year.

Ola has set aside a budget of Rs 250 crore for the grocery delivery business and would undertake it in mid-November ahead of its $2-billion initial public offering. The company has now extended its procedures across six cities — Delhi, Mumbai, Bangalore, Pune, Hyderabad and Chennai and is anticipated to be around 6,000-8,000 orders daily from over 100 dark stores.

Ride-hailing platform Ola has started piloting a quick delivery service for items like grocery, personal care and pet care products in Bengaluru, making a foray into the quick commerce sector, according to sources. The plan is to set up 300 dark stores for grocery and convenience delivery by January. The company, which has 55 cloud kitchens, also plans to expand the number to 150-160 by January.

Ola CEO, Bhavish Aggarwal gives update on S1 & S1 Pro scooter delivery

News Desk — Mon, 08 Nov 2021 05:42:42 +0000

Bhavish Aggarwal, CEO and co-founder of Ola, gave critical details about the electric scooter test rides and the much-anticipated delivery of the Ola e-scooter on Sunday. Bhavish also uploaded a video of experts performing feats on Ola’s electric scooter on Twitter.

“Having some fun with the scooter!” After uploading the video on Twitter, Ola CEO replied. Bhavish also gave an update on the test rides and delivery schedules, saying, “Test rides will commence next week, and first deliveries will follow shortly after.”

Having some fun with the scooter!

Test rides begin in the coming week and first deliveries begin soon after 👍🏼 pic.twitter.com/9YVFHpLwZw

— Bhavish Aggarwal (@bhash) November 7, 2021

Ola has yet to announce a particular start date for scooter delivery. In September, Ola Electric launched the sale of its S1 electric scooter. The electric scooter, which is available in two models – Ola S1 and S1 Pro – is now only available through the Ola App and not the Ola website.

On August 15, the business revealed the Ola S1 electric scooter, which comes in two versions: S1 and S1 Pro, with prices starting at ₹99,999 and ₹1,29,999, respectively (ex-showroom including FAME II subsidy and excluding state subsidies). Ola Electric’s electric scooters went on pre-sale in July for ₹499, and the firm garnered 1 lakh orders in less than 24 hours. However, the corporation has not said how many orders it has received to date. In Tamil Nadu, Ola is constructing a 500-acre manufacturing facility.

In the first phase, the company indicated that it will start with a 10 lakh annual production capacity and subsequently expand up to a 20 lakh capacity based on market demand. Ola is claiming that once fully completed, the manufacturing unit will have a production capacity of one crore units per year or 15% of global two-wheeler production.

Ola Electric is all set to launch its latest Ola S1 scooters tomorrow on the eve of World EV Day: Check details here

Sneha Sengupta — Tue, 07 Sep 2021 13:42:40 +0000

The two-wheeler EV manufacturer, Ola Electric Mobility, a subsidiary to the cab conglomerate, Ola, announced that it will commence the sales of its electric Ola S1 scooters with effect from September 8. Interestingly, the electric scooter is launching on the eve of World EV Day, which is celebrated to curb the use of fossil fuels and substitute it with electric vehicles for a sustainable tomorrow.

On September 7, Ola said in a statement that, The equated monthly instalments(EMIs) for S1 scooters will start from Rs 2,999 per month. If you need financing, OFS (Ola Financial Services) has tied up with leading banks including IDFC First Bank, HDFC, and TATA Capital to help finance your Ola S1. For Ola S1 Pro, which is the advanced version of the electric scooter, the EMIs will begin from Rs 3,199, it added.

The company released a statement saying that HDFC Bank will provide pre-approved loans to eligible customers in minutes on the Ola and Ola Electric apps. “In case you don’t need financing you can simply pay an advance of Rs 20,000 for Ola S1 or Rs 25,000 for Ola S1 Pro, and the rest when we invoice your scooter to you.”

The company’s insurance partner is ICICI Lombard will be the insurance partner for the company. The shipping order is expected to begin from October 2021.

Based on the insurance policy and damage facilities, the company will offer add-ons like Personal Accident Cover, Zero Depreciation, and Roadside Assistance. The latest model will arrive with a three years battery life or will last up to 40,000 km of distance covered.

Ola Cabs’ co-founder Bhavesh Aggarwal tweeted to proclaim that the company’s exceptionally well mobility status reflected a sturdy resurgence.

Ola electric scooter LAUNCHED! Price starting at Rs 99,999

Vandana Nampoothiri — Sun, 15 Aug 2021 09:44:14 +0000

Ola on Sunday launched its much anticipated electric scooter coinciding with Independence day. Two models of the scooter were launched: the S1 model at starting price of Rs 99,999 and S1 Pro at Rs 1,29,999.

According to MoneyControl, for the S1 Pro model, the on-road prices after including FAME II and individual state subsidies are Rs 110,149 for Delhi, Rs 109, 999 for Gujarat, Rs 124,999 for Maharashtra, and Rs 119, 136 for Rajasthan.

The scooter will be available in 10 colours including black, blue, white, grey, and shades of red and yellow.

The bookings for the electric scooter were opened from July 15 for a refundable amount of Rs. 499. Within 24 hours, the company received more than one lakh bookings, the company had announced.

According to Bhavish Aggarwal, CEO of Ola, the electric scooter will be equipped with the biggest battery found on an electric scooter. The scooter will be powered by an electric scooter that will have a top speed of 115 kmph.

The scooter will also have other features like large under seat storage, digital instrument cluster, all-LED lighting, and mobile phone connectivity, and a segment-first app-based keyless experience, MoneyControl reported.

The electric scooters will be manufactured in Tamil Nadu. The manufacturing plant is claimed to become the world’s largest facility for electric scooters with an eventual capacity of belting out 10 million units per annum.

Ola gets CCI approval for investments by Temasek, Warburg Pincus

Shivya Kumar — Fri, 13 Aug 2021 16:02:21 +0000

As per reports, the Competition Commission of India has granted the shared proposal by companies like MacRitchie Investments (Temasek), Fort Canning Investments, Plum Wood Investment Limited (Plum Wood) and certain voting rights by Bhavish Aggarwal in ANI Technologies and stakes in taxi and rickshaw services. Ola which are accumulated around India and abroad. Following the data, MacRitche is an investment company that is known to be a subsidiary of a Singapore based company.

Another investment company Plum wood is said to be benefited, with Warburg Pincus LLC as its major shareholder. This company is said to have headquarters in New York and also enacts a manager of the private equity funds. On 9 July the Ola company enlisted to have an investment of USD 500 million, which was way forward than the given IPO.

This is among the biggest interests in the Indian shopper web space by these assets, an assertion had said. Arrangements past a specific limit require the endorsement of CCI Established in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola offers administrations in India, Australia, New Zealand and the UK.

Ola electric scooters to be launched on August 15

Vandana Nampoothiri — Tue, 03 Aug 2021 05:49:49 +0000

Ola CEO and co-founder, Bhavesh Aggarwal announced Monday that Ola Electric Scooter will be launched on August 15. The CEO also said that further details regarding the scooter will be announced soon.

“Thanks to all who have reserved our scooter! Planning a launch event for the Ola Scooter on 15th August. Will share full specs and details on product and availability dates. Looking forward to it!” Aggarwal said in a tweet.

Thanks to all who have reserved our scooter!

Planning a launch event for the Ola Scooter on 15th August. Will share full specs and details on product and availability dates. Looking forward to it! 😀

— Bhavish Aggarwal (@bhash) August 3, 2021

The bookings for the electric scooter were opened from July 15 for a refundable amount of Rs. 499. Within 24 hours, the company received more than one lakh bookings, the company had announced.

Talking about the response, Aggarwal told Moneycontrol, “I am thrilled by the tremendous response from customers across India for our first electric vehicle. The unprecedented demand is a clear indicator of shifting consumer preferences to EVs.”

“This is a huge step forward in our mission to transition the world to sustainable mobility. I thank all the consumers who have booked the Ola Scooter and have joined the EV revolution. This is only the beginning!” he further added.

According to Hindustan Times Auto, it was already confirmed that the scooter will be offered in 10 different colors. The electric scooters will be manufactured in Tamil Nadu. The manufacturing plant is claimed to become the world’s largest facility for electric scooters with an eventual capacity of belting out 10 million units per annum.

Ola Expands its ESOP Pool to Rs. 3,000 crore in additional of Rs 400 crore worth stocks to employees ahead of IPO

Nishita Sharma — Wed, 28 Jul 2021 09:07:36 +0000

Since Ola has said to be the Ride-hailing firm it said that it has expanded its ESOP pool to Rs 3,000 crore and allotted an additional Rs 400 crore worth of stocks to employees ahead of IPO.

During the ongoing press release Bhavish Aggarwal, Ola’s Founder, said, “Our expanded ESOP programme, along with the fresh stock allocation of ₹400Cr, enables our key talent to participate in the long term wealth creation opportunities generated by their innovations and the impact they create. It will also reinforce their sense of ownership and align their growth with that of the company as we continue to accelerate the world’s transition to sustainable mobility.”

Over the past few months, Ola has being witnessing a strong recovery in its ride-hailing business as customers look for safer ways to move.

Earlier in this month OLA has raised upto $500 million from private equity giants Warburg Pincus and Temasek, another move it said was in preparation for its Initial Public Offering. Early investor Matrix Partners also sold a portion of its stake in this round.

Ola’s IPO timeline is unclear, but it is the latest among a slew of internet startups to seriously weigh listing, ending years of investor anticipation. While food delivery firm listed successfully last week, insurance firm Policybazaar, fintech firm Paytm and online retailer Nykaa too are expected to list soon.

Ola Electric scooters open reservation at Rs 499

Nishita Sharma — Thu, 15 Jul 2021 13:05:06 +0000

Earlier in the day the Ola company for Ola Electric scooters has opened reservations for its electric scooter and said that customers can reserve their Ola Scooter with a refundable deposit of Rs 499.

Ola said that those who reserve their scooter on olaelectric.com will get priority delivery, and it will reveal the features and price in the coming days.

Chairman Bhavish Aggarwal quoted that, “With its incredible performance, technology, and design along with aggressive pricing, it will help accelerate the transition to sustainable mobility. India has the opportunity and potential to become the world leader in EVs and at Ola, we are proud to lead this charge.”

The company on Bhavish’s decision said that Bhavish has led the firm with a spun off from ride-hailing firm Ola, is setting up a 500-acre factory in Tamil Nadu’s Krishnagiri, aiming to make 10 million vehicles a year at full capacity.

Ola Electric is valued at over a billion dollars, with the backing of investors such as Matrix Partners, Tiger Global Management, and SoftBank, among others. It has raised $500 million from Warburg Pincus and Temasek, giving early backers Tiger and Matrix a part exit from their stake in the company too.

The shares of Ola electric registered in the Month of April have to plan to register and invest up to $2 billion over the next five years with leading its charging ports over 400 cities and is all set to plan about 1 lakh charging stations with the help of the partners into Ola firm, as reported by MoneyControl.

Ola Electric Scooter to be launched soon; Chairman asks on Twitter for colour options

Aayushi Singh — Fri, 25 Jun 2021 12:07:51 +0000

Bhavish Aggarwal, Chairman and Group CEO of Ola, shared a tweet of the Ola electric scooter and asked his followers for what colour options would they like on the scooter, hinting for a launch. The prices of the scooter might be announced soon in the upcoming weeks. The Ola Electric Scooter is likely to have a range of 100-150 kms and have features like removable Lithium-ion battery, digital instrument console, cloud connectivity, allow wheels, telescopic suspension up front, etc.

Time to order some paint! What color would you like on the Ola Scooter? Already got you covered for Black! What else? @OlaElectric pic.twitter.com/NXMftKJrrq

— Bhavish Aggarwal (@bhash) June 24, 2021

The Ola future factory is being built with an investment of Rs 2400 crore. The manufactures have announced that it would be ready to begin with the first phase of operations at the plant in the upcoming months. The facility would be able to generate employment for more than 2000 people in the beginning, and when fully operational it would go up to 10,000 people. In the construction of the facility, over 10 million man hours had been planned.

When fully operational, the plant would meet Industry 4.0 standards and would have an installed capacity of 10 million scooter per annum. The total capacity would be 2 million units per year in the Phase 1. The plant would have 10 general assembly lines and would be able to roll out a scooter in every two seconds, also 25,000 batteries per day. Apart from being sold in India the “Made-in-India” scooters would be exported to Europe, UK, Latin America, New Zealand, Australia, and Asia Pacific.

It promises of competitive pricing on the Ola electric scooter that would take on the Bajaj Chetak, Ather 450X, TVS iQube and the like in the segment.

After the announcement of the construction of world’s largest electric two-wheeler factory in Tamil Nadu, the company has planned on to unveiling its Hypercharger Network, which was billed to be the world’s largest, densest EV charging network. The network would cater to Ola’s upcoming two-wheeler models starting with the first product Ola Scooter. The Hypercharger Network would offer a comprehensive set of charging options to the Ola’s EV customers which would include high-speed Ola hyperchargers and home-chargers, which would be offered as standard with an Ola Electric Scooter purchase.

Ola, Uber to face probe over alleged GST evasion

Ruchira Sonawat — Tue, 12 Jan 2021 09:14:11 +0000

A probe has been initiated against cab aggregators Uber and Ola over evasion of GST by the Director-General of Goods and Services Tax Intelligence (DGGI) and has issued summons to the officials of the companies.

Official sources said that the tax liability of Uber India stands around Rs 800 crore, while that of Ola Cabs is around Rs 300 crore. The probe by the GST intelligence arm found that both the cab aggregators have not paid GST on the incentives paid to the drivers and also on the charges levied from customers for cancellation of rides.

This tax is reportedly calculated at the rate of 15%, which companies have not paid over many years.

Commenting on the development, an Uber spokesperson said, “Uber is a law-abiding and compliant company. We are working closely with the authorities on all tax-related queries and will respond accordingly.”

Ola too confirmed that it received a notice from the tax department relating to certain matters prior to 2017 in its mobility business. “These pertain to the erstwhile service tax regime. We have been actively engaged with the department and are cooperating with the tax authorities and are confident that we will be able to resolve this satisfactorily. Ola is a proud taxpayer, and we comply with all our tax obligations and have contributed several thousand crores in taxes over the last 4 years alone,” a company spokesperson said.

An investigation into Ola and Uber comes close on the heels of the I-T department conducting searches on various companies including Swiggy, Instakart, Zee Entertainment Enterprises and Larsen & Toubro for a fake input tax credit.

Arun Srinivas & Sanjiv Saddy, 2 Top Level Officers quit Ola

Ruchit Purohit — Sat, 11 Jul 2020 05:08:28 +0000

Arun Srinivas & Sanjiv Saddy are 2 top level officers that have quit Ola. Couple of high level officers ended their journey with Ola this week as they look forward to other opportunities.

Arun Srinivas – was the Chief Sales & Marketing officer and Sanjiv Saddy was Senior Vice President at Ola before they resigned from the company.

In a E-MAIL statement the company said. “Arun Srinivas, Chief Sales and Marketing Officer and Sanjiv Saddy, Senior Vice President – Corporate Affairs. Are moving on to pursue other opportunities outside of Ola. The organisation wishes them well in their future endeavors.”

Arun was earlier working with Unilever for over 15 years and also with WestBridge capital partners. He joined Ola in 2019 a year before he resigned.

Sanjiv Saddy was previously working with Flipkart, TCS and Emaar MGF Land Ltd.

Ola Electric will launch new scooter in 2021 with Etergo BV

Aayush Agarwal — Wed, 27 May 2020 11:31:30 +0000

Ola Electric has partnered with Netherlands based Etergo BV. Their newest project is an integrated two wheeler vehicle that will be independently produced. It will be completely electric and will be utilized in national and international markets. This electric scooter will be launched in India soon for the same. Etergo BV is an OEM engaged in manufacturing electric two-wheeler. Founded in 2014, their biggest success was the App scooter. The scooter has won multiple awards across the world for innovative design and engineering. The App scooter has a range of 240 km on a single charge and features high energy density batteries.

This exciting venture requires all the help Ola Electric could get. Hence, they appointed BVR Subbu in Its Board. He has earlier served as the president of Hyundai Motor India and worked with Tata Motors as well. Bhavish Aggarwal, Founder & Chairman of Ola Electric issued a statement. “The future of mobility is electric, and the post COVID world presents an opportunity for us to accelerate. Every year, almost twice the numbers 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. We look forward to building the best global capabilities in engineering. Design and manufacturing for these products to be made here in India.”

The scooter will launch in India in 2021. Recent acquisition of Etergo will allow more research and development to take place as well.