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Ola sold electric scooters worth over Rs 600 crore within 24 hours, says CEO Bhavish Aggarwal

Bhavish Aggarwal noted that September 16 will be the last day for consumers to purchase these scooters and those who have already reserved them can purchase them until midnight tonight.

September 16, 2021 / 12:16 PM IST
A sense of pride, aggression and confidence is palpable when you speak to 35-year old Bhavish Aggarwal, the founder of 2 Indian unicorns – cab aggregator Ola and EV firm Ola Electric. (Illustration: Moneycontrol)

A sense of pride, aggression and confidence is palpable when you speak to 35-year old Bhavish Aggarwal, the founder of 2 Indian unicorns – cab aggregator Ola and EV firm Ola Electric. (Illustration: Moneycontrol)

Ola CEO Bhavish Aggarwal said on September 16 that they have sold scooters worth over Rs 600 crore within the first 24 hours of the sale of its electric scooters.

"We sold 4 scooters every second. Infact in just 24 hours, we sold scooters worth over 600 crores. That’s more, in value terms, than what the entire 2W industry sells in a day. Make no mistake, the age of EVs is here" Aggarwal said in a blogpost.

"Yesterday also established that with the right product, India has huge pent up demand and a massive domestic market for two-wheeler EVs. We must leverage this to drive innovation, a robust local EV ecosystem and make India not only a big EV market but also a global EV manufacturing hub" Aggarwal added.

He also noted that today (September 16) will be the last day for consumers to purchase these scooters and those who have already reserved them can purchase them until midnight tonight.

Ola had launched its first electric scooter S1, at a price of Rs 99,999 for the entry-level S1 model and Rs 1,29,999 for the more powerful and long-range S1 Pro last month. It had also allowed users to book their reservation slots for Rs 499 over the past couple of months and was set to start purchases on September 8, 2021. However, the company had to postpone the sale to September 15 after facing several technical difficulties.

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Yesterday, it opened for purchases only on the Ola app, with the company prioritizing users based on their dates of reservation. Customers had to pay an advance payment of Rs 20,000, with deliveries beginning in October 2021, the company said.

This coincided with the new Rs 26,000 crore PLI (Production Linked Incentive) scheme for the auto and auto component industry that was announced by the government. Aggarwal had lauded this move on Twitter saying that this step will pave the way for India to become a global EV hub.

Earlier this week, Aggarwal also announced that Ola FutureFactory would be run entirely by women employing over 10,000 women at full capacity, making it the world’s largest women-only factory and the only all-women automotive manufacturing facility across the world.

Ola Electric is setting up a 500-acre factory in Tamil Nadu's Krishnagiri, with an aim to make 10 million vehicles a year at full capacity- making it the world's largest two-wheeler factory. In July this year, it had secured a $100 million in long-term debt from Bank of Baroda to close the first phase of development of its factory.

The firm, which was spun out of the ride-hailing major Ola, intends to make the scooters available in 1,000 cities simultaneously, unlike its rivals who have taken a phase-by-phase approach by launching e-scooters in dominant markets, namely, Tier 1 cities.
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