SoftBank-backed mobility company Ola Electric, the electric vehicle (EV) arm of ANI Technologies that owns cab-hailing giant Ola, said Wednesday it has acquired Amsterdam-headquartered electric scooter manufacturer Etergo BV. While the company did not disclose any financial details of the acquisition, a Reuters report said Etergo was last valued at around USD 92 million.
This acquisition will allow Ola Electric to launch its own electric two-wheelers globally by 2021.
Post-acquisition, Etergo BV would continue to operate out of the Netherlands, however, Ola plans to start manufacturing two-wheelers locally in India, the company said.
“We look forward to building the best global capabilities in engineering, design, and manufacturing for these products to be made here in India,” said Bhavish Aggarwal, founder & chairman, Ola Electric.
The six-year-old Dutch company that has raised a total of USD 22 million till date, manufactures light-weight electric two-wheelers called AppScooter, which uses swappable batteries and claimed it can go up to 240 kilometers on a single charge.
Ola already operates electric two- and three-wheelers sourced by other manufacturers in the country and is working with power distribution companies to put up a network of battery swapping and charging stations in New Delhi.
“Ola is one of the world’s most admired mobility companies and has led the way for many innovations in the space, including its bold ambition for electric mobility,” said Bart Jacobsz Rosier, co-founder & CEO, Etergo BV.
In September last year, South Korean automakers Hyundai and Kia Motors had invested USD 300 million in Ola Electric. According to this strategic investment both the automakers would work with the Indian mobility giant to build an India-specific fleet and mobility solutions including charging infrastructure.