Bengaluru, NFAPost: Ola has incorporated a new entity – Ola Electric Technologies Private Limited in June. According to Entracker information, this new company has been used to receive the debt from BoB, regulatory filings show. Ola Electric Mobility is the holding entity for the newly incorporated entity and it controls 100% stake in Ola Electric Technologies.
According to Ola Electric Technologies’ ROC filings, it will construct, implement, develop, operate and maintain a greenfield project for manufacturing electric vehicles (two, three and four-wheeler) at Krishnagiri District, Tamil Nadu with an initial capacity of 5 lakh vehicles every year. Ola co-founder and CEO Bhavish Aggarwal has asserted that the final capacity for its two-wheelers would be 1 million per annum.
Ola Mobility has also infused Rs 250 crore in a mix of debt and equity round in Ola Electric Electric Technologies, separate regulatory filings show.
Ola didn’t respond to a query from NFAPost on this development.
As per the company, Ola Electric will start delivering scooters in October. It claims that the scooter will have a range of up to 185 kilometres in one complete charge. It started pre-booking of its scooters at Rs 499 and claims to have received over 100K bookings so far. Priced at Rs 99,000 (s1) and Rs 129,000 (S1 Pro), the on-road prices of these scooters could be much lower depending on state-level subsidies.
Floated in early 2019, Ola Electric had turned unicorn in July same year with a $250 million worth Series B round led by SoftBank. Its Series A was financed by Tiger Global, Matrix Partners, and several others. According to Entrackr sources, the company is currently in talks to raise $200-300 million in a new round.
The company had acquired Amsterdam-based electric scooter manufacturer Etergo in May last year. According to media reports, Ola will also begin an at-home service network with robust charging infrastructure in every city.
On Indian Independence day, Ola Electric finally unveiled prominent features, launch, delivery and pricing of its S1 and S1 Pro scooters. A month ago, the company also announced that it raised $100 million in debt from the Bank of Baroda (BoB). However, it didn’t disclose which entity received the debt round from the public sector bank.
(The story is based on Entracker inputs)