Ola’s subsidiary Ola Electric Mobility has acquired Netherland based electric scooter startup Etergo. The terms of the deal are not available at the moment.
The acquisition will help Ola to manufacture two-wheeler electric vehicles for Indian as well as international market. Experts believe that electric vehicles are the future of transportation. They provide clean, efficient, and environmentally friendly transport solutions to the urban as well as rural areas. Ola is looking to launch its first electric two-wheeler in 2021.
Bhavish Aggarwal, Founder & Chairman, Ola Electric said, “The future of mobility is electric, and the post COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally. With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer.
Etergo was founded in 2014 and was valued $80-85 million last year. It has developed an all-electric scooter called AppScooter. AppScooter can travel up to 240km with a swappable high energy density batteries in a single charge. It has won several awards for its innovation and creative design.