Ola Electric to launch global electric two-wheeler; buys dutch scooter firm

Ola Electric Mobility (Ola Electric), the ride-hailing firm’s electric vehicle arm, has acquired Etergo BV, an Amsterdam-based electric scooter original equipment manufacturer. Ola did not disclose the amount it was paying to acquire Etergo, which was last valued at about $90 million and which has raised total funding of $20 million, according to the sources.

This acquisition marks Ola’s entry into the premium electric two-wheeler market, both globally and nationally. Ola Electric aims to launch its global electric two-wheeler in India in 2021. This acquisition will further bolster Ola Electric’s strong engineering and design capabilities with the Etergo team’s extensive vehicle development experience with leading automotive companies like Tesla, General Motors, Ferrari, Jaguar, and BMW.