Ola Electric may not be the first company to launch electric vehicles, but it is surely among the top in quality and customer satisfaction! This EV company was founded in 2017 by Bhavish Aggarwal, an IIT Bombay graduate. He is now the founder of Ola Electric and co-founder and CEO of Ola Cabs.
Why Ola Electric?
The venture was started to cater to environmental needs and increase eco-friendly transportation through affordable and accessible EVs. To achieve this, the company invests in advanced manufacturing and cutting-edge battery technology. Ola’s headquarters in Karnataka handles the company’s operations, and its main factory, the Ola Futurefactory, is located in Tamil Nadu. The Ola Futurefactory is the largest two-wheeler factory in the world, spread over 500 acres in Tamil Nadu’s Krishnagiri district.
Ola’s Electric Scooters and further innovations
Ola Electric offers three main electric scooters:
- Ola S1: A mid-range scooter with great features and performance.
- Ola S1 Pro: A premium scooter with a longer range and faster speed.
- Ola S1 Air: A budget-friendly scooter that makes electric travel more affordable.
These scooters are powered by high-performance batteries and offer great mileage. Ola has also set up a network of fast chargers called the Ola Hypercharger Network. With these, an Ola scooter can be charged up to 50% in just 18 minutes.
Ola Electric is not just stopping at scooters. The company has already teased its first electric car – a luxury sedan that promises to go over 500 km on a full charge and go from 0 to 100 km/h in just 4 seconds. This premium car will likely cost between ₹40 and 50 lakh.
They are also working on an electric motorcycle, with plans to launch it soon, expanding its EV offerings.
Ola: A listed company
Ola Electric has seen fast financial growth since it started. In FY23, the company made ₹5,243.27 crore in revenue, a big jump from ₹2,782.70 crore the year before. This was due to the rise in electric scooter sales and the growth of its charging network.
On 9 August 2024, Ola Electric went public with an issue price of ₹76. This IPO is again a major milestone in Ola’s position as a leader in India’s electric vehicle market. While the company saw a net loss of ₹1,472 crore in FY23 due to increased expenses, its growth potential remains strong.
Ola’s Hypercharger Network
Ola’s Hypercharger Network is a large setup for charging its electric two-wheelers. Charging at these stations is free, and after just 15 minutes, Ola’s e-scooters can go up to 50 km. The company started building these stations in December 2021. Now, Ola has 1,000 fast-charging points all over India. They’ve also introduced a 3 kW portable fast charger that can charge the scooter for 50 km in just 15 minutes. They are planning to expand this network further to 10,000 charging points soon.
Bhavish is not going to stop here; he has great future plans for Ola Electric and Ola Cabs as well. Ola Electric has recently announced the launch of its first 3 electric motorbikes in the Roadster series at the Sankalp 2024 event. And Bhavish is planning to launch 3-wheelers very soon as well.
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