Ola Electric has opened reservations for its electric scooter, and said that customers can reserve their Ola Scooter for a refundable deposit of Rs 499. Those who reserve their scooter on olaelectric.com will get prior delivery. Ola said it will reveal the features and price in the coming days and they are excited for the launch.

Chairman’s Description for the Scooter

Bhavish Aggarwal, Chairman and Group CEO, Ola said that-

“With its incredible performance, technology and design along with aggressive pricing, it will help accelerate the transition to sustainable mobility. India has the opportunity and potential to become the world leader in EVs and at Ola, we are proud to lead this charge.”

Features of the Up-coming Scooter

1. The vehicle will have the best under-seat storage in the segment, will come with mobile app-based access and also, segment-leading range (that should be 150 km on a single full charge).

2. The Ola Scooter will feature a minimalist design with a single-piece seat, an indicator-mounted front apron, a smiley-faced headlamp, and a pillion grab rail.

3. It will also sport an all-LED lighting system, a 7.0-inch touchscreen instrument console with Bluetooth and cloud connectivity, and 12-inch black wheels.

4. The vehicle will reportedly have a curb weight of 74 kg and an under-seat storage capacity of 50-liter.

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The Announcement Ola Made

The announcement was made after Ola Electric raised $100 million in long term debt from Bank of Baroda to close the first phase of development of its factory, where it plans to make electric two-wheelers.

The Bhavish Aggarwal-led firm, spun off from ride-hailing firm Ola, is setting up a 500-acre factory in Tamil Nadu’s Krishnagiri, aiming to make 10 million vehicles a year at full capacity, making it the world’s largest two-wheeler factory.

Up-coming Plans of Ola

Ola Electric plans to invest $2 billion over the next five years along with its partners to set up more than 1 lakh charging stations across 400 cities.

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Launch Expectations from Ola

The launch of Ola’s electric scooter looks quite imminent and the EV is expected to be priced around Rs 1 lakh. Ola Electric is valued at over a billion dollars, with the backing of investors such as Matrix Partners, Tiger Global Management and SoftBank, among others.

Ola’s core ride-hailing unit is also planning to list on stock exchanges soon, for which it raised $500 million from Warburg Pincus and Temasek, giving early backers Tiger and Matrix a part exit from their stake in the company too.