Ola Electric, founded in 2017 by Bhavish Aggarwal and Ankit Bhati, is an Indian electric vehicle manufacturer headquartered in Bengaluru, India. The company has quickly risen to become one of the leading electric vehicle (EV) manufacturers in the country, primarily focusing on electric two-wheelers. Initially a subsidiary of Ola Cabs, Ola Electric aims to bring cleaner and more sustainable mobility solutions to India and, eventually, to other parts of the world. As of 2023, the company had raised substantial investment capital and expanded its market presence significantly.
| Attribute | Information |
|---|---|
| Founding Date | 2017 |
| Headquarters | Bengaluru, India |
| Founders | Bhavish Aggarwal, Ankit Bhati |
| Revenue | ₹5,009.8 crore (FY 2024) |
| Profits | -₹495 crore (Q2 FY 2024) |
| Key Investors | Ola Cabs and several venture capitalists |
| Industry | Electric Vehicles (EV) |
| Number of Employees | 959 (as of March 2024) |
Ola Electric began its journey in 2017 as a subsidiary of Ola Cabs. Recognizing the potential and need for sustainable mobility solutions, the founders, Bhavish Aggarwal and Ankit Bhati, envisioned electrifying India's two-wheeler market. Initial operations focused on building robust capacity and technology infrastructure. The Ola FutureFactory, known for being one of the world's largest EV production facilities, was part of this initial phase, substantially contributing to the company’s scalability. Over the initial years, Ola Electric expanded its R&D capabilities, focusing on battery and motor technology to create efficient and affordable electric scooters.
Ola Electric’s business model revolves around creating an extensive range of electric scooters that cater to various segments of the market, leveraging a combination of direct sales and an omnichannel approach, featuring both online and extensive retail networks.
Currently, Ola Electric is at the forefront of the electric two-wheeler industry in India, holding a significant 30% market share. The company continues to drive innovation through its adaptive platform architecture, manufacturing capabilities, and extensive charging infrastructure. Ola Electric's market strategy includes expanding their retail presence, optimizing their product ranges, and leveraging their technological advancements to maintain a competitive edge over other players such as Bajaj Auto and TVS Motor Company.
Ola Electric stands out as a pioneering force in India's electric vehicle landscape, not only shaping the future of mobility in the country but also positioning itself for global influence. With substantial investment in technology, infrastructure, and market expansion, the company is poised for sustained growth in the EV sector. Looking forward, Ola Electric's continued focus on innovation, market penetration, and strategic partnerships will likely enable it to maintain its leadership position and potentially redefine electric mobility on a broader scale.