Public Transport Company Ola Aims To Make India A Global Hub For Electric Vehicles, Auto News, ET Auto

Indian carpool company Ola

Indian ridesharing company Ola has received 1 million bookings for its electric scooter, chief executive Bhavish Aggarwal said on Thursday, with the first deliveries on track for December 15.

Aggarwal also said that Ola’s first electric car will be released in 2023 as the company, backed by Japanese group Softbank, aims to make India a global hub for electric vehicles.

“Our electrification ambitions are to make India the global hub for electric vehicles,” Aggarwal told the Reuters Next conference.

Ola, which has a majority share of the Indian ride-hailing market, where it competes with Uber Technologies, is increasingly present in several global markets such as Australia and Great Britain.

Founded in 2010 by Aggarwal, Ola plans to raise up to $ 1 billion through an Initial Public Offering (IPO) in the coming months, joining a large number of Indian start-ups preparing to go public. .

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The startup backed by Pawan Munjal has pledged to invest Rs 650 crore over the next 5 years. With this expansion of capacity, it became Bhavish Aggarwal’s biggest rival to Ola Electric in the race to become India’s largest producer of electric vehicles.

Ola’s wholly owned subsidiaries – Ola Netherlands BV and Ola USA Inc – are the borrowers. The loan is guaranteed by Ola and its subsidiaries specializing in carpooling services, according to the press release.

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