Ola Electric Acquires Etergo, Will Launch Own Electric Two-Wheeler in India in 2021

Etergo is known for its all-electric state-of-the-art AppScooter that comes with swappable high energy density batteries.

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Ola Electric Acquires Etergo, Will Launch Own Electric Two-Wheeler in India in 2021

Ola Electric has not disclosed financial details of the acquisition

Highlights
  • Ola Electric to launch in global markets as well
  • Ola Electric to launch own electric two-wheeler in India in 2021
  • The company to leverage from Etergo’s AppScooter technology

Ola Electric, an EV business backed by ride-haling service Ola, has acquired Amsterdam-based Etergo, an electric scooter OEM. Etergo is known for its all-electric state-of-the-art AppScooter vehicle that has won many awards at tech events last year. The company aims to use AppScooter design and engineering capabilities to build its own smart electric two-wheeler for global and domestic markets. Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions across cities with a focus on 2 and 3 wheelers, and looks to launch its first two-wheeler in 2021 in the country.

Ola Electric feels that the need for cleaner automobiles will be more imperative in the post COVID-19 world. Etergo's AppScooter comes with swappable high energy density batteries that claim to deliver a range of up to 240kms and class-leading acceleration. The company claims that the electric scooter is capable of going from zero to 45kms per hour in just 3.9 seconds. The Appscooter has a digital coloured display touchscreen for accessing apps and navigation. It also comes with large 50 litre storage facility. Ola looks to leverage from this award-winning AppScooter technology and build its own smart two-wheeler to ply on Indian and global roads.

Ola to Lay Off 1,400 Employees After 95 Percent Drop in Revenues Due to COVID-19 Outbreak

The financial details of the acquisition have not been announced, but the team at Etergo has been absorbed into Ola Electric's umbrella. To spearhead the initiative, the company has brought automobile industry veterans like BVR Subbu and Jaime Ardila to its board.

Ratan Tata Invests in Ola Electric

The company is working with the country's leading power distribution companies for developing a viable electronic vehicle ecosystem through the establishment of Battery Swapping and Charging Stations in New Delhi. To recall, Tiger Motors, Matrix Partners, and even Rata Tata have invested in Ola Electric.

Meanwhile, Ola has suffered greatly during the lockdown. The company has had to let go of 1,400 employees after it saw a 95 percent drop in its revenues over the past two months due to the pandemic.


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Further reading: Ola, Ola Electric, Etergo, AppScooter
Tasneem Akolawala Tasneem Akolawala is a Senior Reporter for Gadgets 360. Her reporting expertise encompasses smartphones, wearables, apps, social media, and the overall tech industry. She reports out of Mumbai, and also writes about the ups and downs in the Indian telecom sector. Tasneem can be reached on Twitter at @MuteRiot, and leads, tips, and releases can be sent to tasneema@ndtv.com. More
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