Ola Electric has today acquired Amsterdam-based electric scooter startup Etergo, popularly known for its AppScooter. The acquisition is part of Ola’s plans to enter the premium electric two-wheeler market.
Although the company did not reveal the financial details of the deal, Etergo was valued at around $90 million last year. Despite the acquisition, Etergo’s team will continue to be based out of Amsterdam.
Etergo’s AppScooter uses swappable high energy density batteries. The scooter boasts a range of up to 240km and can go from 0-45 km/h in just 3.9 seconds. In addition, Etergo has vehicle development experience with leading automotive companies such as Tesla, General Motors, Ferrari, Jaguar, and BMW.
In a press release announcing the deal, Ola revealed plans to launch its electric two-wheeler scooter in India next year. The company is currently running several pilot tests to deploy electric 2 and 3 wheelers across several cities in India.
Moreover, the firm is working with power distribution companies to develop a conducive EV ecosystem. Ola envisions this future through the establishment of battery swapping and charging stations, starting with the nation’s capital city New Delhi.
Speaking of the deal, Bhavish Aggarwal, Founder & Chairman, Ola Electric said, “The future of mobility is electric, and the post COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally. With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer.”