Ola Electric, the EV enterprise that spun out of the ride-hailing big Ola final yr, has acquired an Amsterdam-based electrical scooter startup because the Indian agency appears to be like to domestically produce and launch its personal line of two wheelers as quickly as this yr.
The Indian agency stated Wednesday it had acquired Etergo, a Dutch agency that has constructed a scooter that makes use of swappable, excessive vitality battery that delivers a spread of as much as 240 km (149 miles).
Ola didn’t reveal the phrases of the deal, however Etergo was valued at round $90 million in its earlier financing spherical, an individual accustomed to the matter informed TechCrunch. The six-year-old startup had raised €20.three million from the market earlier than its acquisition at this time, in keeping with Crunchbase.
The Indian agency, which gained the unicorn standing final yr when it raised $300 million, stated it plans to launch its electrical two wheeler in India subsequent yr, although TechCrunch understands that the corporate is internally hoping to achieve the milestone by finish of this yr.
“This acquisition will additional bolster Ola Electric’s robust engineering and design capabilities with the Etergo group’s intensive automobile growth expertise with main automotive corporations like Tesla, General Motors, Ferrari, Jaguar, and BMW. Etergo’s group will proceed to be primarily based out of Amsterdam as they be part of Ola Electric,” it stated in an announcement.
More to observe…