Last year, Ola launched Ola Electric, and electrical vehicle (EV) business. This year, Ola Electric has acquired an Amsterdam-based electric scooter startup- Etergo. This acquisition comes as the Indian ride-hailing giant wishes to locally produce and launch its line of two-wheelers soon.
On Wednesday, Ola announced the acquisition of Etergo, a Dutch firm that builds scooters with swappable, high-energy batteries. The scooter offers a range of up to 240km (149 miles). The scooter’s build, design and impressive efficiency has brought with it the label of “The Tesla of the Scooters”.
Ola has not revealed terms of the deal. However, Etergo was valued at close to $90 million in its last financing round. In addition, data shows that the 6-year old start-up had raised almost €20.3 million from markets, before the acquisition.
The acquisition will strengthen Ola Electric’s already strong engineering and design capabilities. This is thanks to team Etergo’s vast experience with companies like Tesla, GM, BMW, Ferrari and Jaguar. Etergo’s team, however, shall continue to work out of Amsterdam as they join Ola Electric.
Two-wheelers and their mobility have proven affordable and likeable to millions of Indians.
Thus, Ola Electric wants a piece of the cake, in a greener and more sustainable way.