OLA Electric is planning to plant Battery factory in India

Almost everyone knows about Ola cabs but you must be wondering about what is Ola Electric?

So in this blog, we will be telling you about Ola Electric is planning to plant Battery factory in India and why Ola Electric is building a battery factory in India.

About Ola

Ola Cabs is an Indian rideshare company with its headquarter in Bangalore that also offers financial services, cloud kitchens, and used-car marketplace services.

In January 2018, Ola expanded into its first overseas market, Australia, in September 2018 it began operating in New Zealand, and in March 2019 it entered the United Kingdom.

As of September 2019, ANI Technologies also owned a 6% stake in Ola Electric, an electric scooter manufacturing company. Apart from ride-hailing Ola Cabs, it also runs Ola Fleet, Ola Financial Services, Ola Foods, Ola Dash, and Ola Cars.

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Services provided by Ola

Ride-hailing

There are different categories of service at Ola Cabs, such as economy to luxury. Cabs can be booked through a mobile app and on the website, as the service also accepts cash and credit card payments. In 2014, the company claimed to clock over 150,000 bookings per day, and it owned 60% of the market in India. As of 2019, it employed 1.5 million drivers in more than 250 cities.

Ola Foods

Initially, Ola entered the food delivery segment with the launch of Ola Cafe in March 2015, but it stopped providing the service by the end of March 2016. It started providing the service again in December 2017 with the acquisition of Foodpanda’s Indian subsidiary. Elsewhere, Ola has announced that it is planning to infuse $200 million into the food delivery unit.

Ola Fleet

grabs, a radio taxi company, was acquired by Ola in January 2015 and renamed Ola Fleet Technologies. Ola Fleet facilitates the leasing of cabs to its drivers through domestic and international partnerships.

Ola Financial Services

In November 2015, Ola launched a mobile wallet and payments service called OlaMoney, which is owned by Ola Financial Services, the parent company of OlaMoney. Ola Financial Services offers many financial services, including insurance, credit cards, and auto loans.

Ola Cars

The Ola Car marketplace is launched in 30 cities in October 2021. It sells new and preowned cars. A new Ola Electric and other brands are also available on the platform.

Ola Dash

Ola developed Ola Store, a grocery delivery service in Bangalore. In March 2016, the service was closed but returned in November 2021 with quick deliveries of groceries and essentials. By January 2022, Ola had set up 200 dark stores across nine cities, and the service became Ola Dash.

What is Ola Electric?

Ola Electric Mobility is a manufacturer of electric two-wheelers in India with its manufacturing facility in Krishnagiri, Tamil Nadu.

In 2017, Ola Electric, ANI Technologies’ wholly-owned subsidiary, was formed to reduce the fuel dependency of Ola cabs and shift to mass electric mobility. A pilot program was launched in Nagpur in May 2017 to set up charging stations and procure electric vehicles from OEMs.

FounderBhavish Aggarwal
Founded2017; 5 years ago in Bangalore, India
HeadquartersBangalore, Karnataka, India
TypePrivate limited
Parent companyANI Technologies
ServicesCharging solutions, EV batteries, Motor vehicle manufacturing, Motor vehicle distribution

In which state does Ola Electric set up its factory?

OLA Electric is planning to plant Battery factory in India

Located in the Krishnagiri district of Tamil Nadu, the factory is spread across 500 acres. It boasts an annual production capacity of 10 million units and is the largest two-wheeler factory in the world.

How many scooters does Ola Futurefactory manufacture in 2022?

In January 2022 the Ola Futurefactory manufactured 1000 electric scooters per day.

What is the future of Ola Electric?

The future of Ola electric depends on all these advantages as mentioned below

What are the advantages of building an Ola Electric battery factory in India?

With high petrol prices in India due to the war between Ukraine and Russia as India imports its petroleum products from Russia and due to war, the prices of petroleum have raised immensely which makes electric alternatives relatively more appealing. “With high fuel prices, the electric scooters have already achieved total cost of ownership parity”.

The lithium-ion batteries used in electric vehicles are usually imported from China, but several companies are now manufacturing them in India. The first battery plant for electric cars is being constructed in Karnataka by Vikram Handa, the son-in-law of Sajjan Jindal, India’s steel tycoon with a fortune of $16 billion. Meanwhile, lithium-ion battery prices have plummeted by 82% between 2012 and 2020, and the trend is expected to continue.

This will be the world’s largest scooter manufacturing facility, with a production capacity of 2 million units per year, and will generate 10,000 jobs in Krishnagiri, Tamil Nadu.

Several cities and states in India are introducing EV policies, which could boost the sales policies by the federal and state governments have reduced upfront costs for customers with no registration fees, exemption from road taxes and registration charges, as well as a lower GST,” said Bakar Sadik Agwan, Senior Automotive Analyst at GlobalData.

How will Ola Electric be beneficial for the environment?

As we know India is currently the third-largest carbon-emitting nation globally, with 22 of the world’s 30 most polluted cities.

According to Anindya Ghose, the Heinz Riehl professor of business at New York University, India has the largest two-wheeler market in the world and these vehicles are responsible for 20% of the country’s total CO2 emissions.

With the use of these electric scooters, there would be less carbon dioxide produced in the environment and with less pollution, there would be more fresh air to breathe which will also help to prevent some hazardous diseases caused due to the polluted environment.

OLA Electric is planning to plant Battery factory in India

Who are investors of Ola Electric?

Year InvestorsAmount raised
September 2021Falcon Edge, SoftBank Group and othersMore than $200 million
December 2021Temasek$53 million
January 2022from multiple investorsUS$200 million

Who is the founder & CEO of Ola electric?

The founder and CEO of Ola Electric is Bhavish Aggarwal.

Is Ola electric an Indian company?
 

Ola Electric Mobility is a manufacturer of electric two-wheelers in India with its manufacturing facility in Krishnagiri, Tamil Nadu.

What is the total valuation of Ola Electric?

The current valuation of Ola Electric is US$5 billion.

What is the full form of OLA?

Operational level agreement is the full form of OLA.

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