How it started
2017–2019
Ola Electric was established in 2017 as a wholly owned subsidiary of ANI Technologies, the parent entity of Ola Cabs. The company was started to reduce emission and fuel dependency of Ola's cabs, and shift to mass electric mobility; a pilot program was launched in Nagpur in May 2017 by setting up charging stations across the city and procuring electric cabs, e-buses, and e-rickshaws from OEM partners. In April 2018, it announced that it aims to have 1 million electric vehicles in its cab service by 2022.
Between December 2018 and January 2019, founder Bhavish Aggarwal bought a 92.5% stake in Ola Electric from ANI Technologies at a valuation of ₹1 lakh (about US$1,400 then), and Ola Electric was spun-off as a separate entity. ANI Technologies continued to hold a 7.5% stake in Ola Electric for allowing the use of "Ola" brand name.
In February 2019, Ola Electric raised US$56 million from Tiger Global and Matrix India. The company announced on 6 May 2019 that Ratan Tata had invested an undisclosed amount in Ola Electric as part of its Series A round of funding. It raised $250 million from SoftBank during Series B round funding in July 2019, at a valuation of over $1 billion.
2020–present
In May 2020, Ola Electric acquired Etergo, an Amsterdam-based crowdfunded electric scooter manufacturer, for €3.75 million in a distress sale. Ola Electric announced that it would launch its own line of electric scooters in India by 2021.
From Wikipedia’s article on Ola Electric, shared under CC BY-SA 4.0.2