Ola Electric opens reservations, you can reserve an Ola Scooter for Rs 499

Ola said it will reveal the features and price of its electric scooter in the coming days.

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 priority delivery. Ola said it will reveal the features and price in the coming days.

“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,” said Bhavish Aggarwal, Chairman & Group CEO, Ola.

The announcement comes days 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, the company said.

Moneycontrol had reported in April that 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. Lack of charging stations is currently one of the biggest hindrances to mainstream EV usage in India.

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.