SoftBank-backed Ola Electric acquires Dutch scooter company Etergo

Mahindra's e2oPlus, operated by Indian ride-hailing company Ola, is seen at an electric vehicle charging station in Nagpur, India January 24, 2018. REUTERS/Aditi Shah/Files

A unit of SoftBank Group-backed Indian ride-hailing company Ola will buy Amsterdam-based electric scooter company Etergo as part of its plan to locally build electric vehicles (EVs), the company said on Wednesday.

Ola Electric did not disclose the amount it was paying to acquire Etergo, which was last valued at around 84 million euros ($92 million), according to a source familiar with the deal.

Etergo’s scooters use swappable, high energy density batteries that give it a range of up to 240 km.

Ola Electric said it will begin EV production work this year and plans to launch its first electric scooter in 2021.

“The company aims to build a suite of electric and smart urban mobility solutions … in India and around the world,” it said.

Ola already offers rides on electric scooters and three-wheeled vehicles made by other manufacturers on its platform, and has set up battery-swapping stations, across several cities in India.

“The future of mobility is electric, and the post COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally,” said Bhavish Aggarwal, founder and chairman of Ola Electric.

Reuters 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.