India’s Ola Electric Mobility takes over Dutch e-scooter maker Etergo

29, May. 2020

(Photo courtesy of Ola Electric Mobility)
(Photo courtesy of Ola Electric Mobility)

NEW DELHI, NNA – Ola Electric Mobility Pvt. Ltd., a unit of India’s leading ride-hailing service operator Ola, has taken over Amsterdam-based electric scooter maker Etergo BV in its ambition to make e-mobility prevalent globally.

The Indian electrified motorcycle maker said Wednesday the acquisition enables it to enter the global premium electric two-wheeler market.

Ola Electric, a group arm of ANI Technologies Pvt. Ltd., the operator of Ola in which Japanese telecoms giant SoftBank group has invested, did not disclose the transaction value.

Etergo was last valued at around $93 million, according to Reuters, citing a source familiar with the deal.

Etergo released the AppScooter in 2018, which uses swappable high energy density batteries to deliver a range up to 240 kilometers, according to Ola Electric Mobility’s statement.

The Indian maker aims to launch its global electric two-wheeler in India in 2021 in its ambition to transform the over 100 million global motorcycle market, including 20 million in India, into a clean mobility field, the statement said.

“Every year, almost twice the number of two-wheelers are sold across the world compared to cars. With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world,” Bhavish Aggarwal, founder and chairman of Ola Electric Mobility, said in the statement.