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Ola Electric is a company that makes electric two-wheeler manufacturers and offers eco-friendly mobility solutions. Founded in 2017 and headquartered in Bengaluru. It's soon set to launch its first product in the Indian market, which will be an electric scooter.
It is different from other mobility companies in the country, ola electric is focusing on building large-scale production capacity from the beginning. Most companies begin with smaller production and grow based on demand. However, Ola Electric is taking on a large scale right from its beginning.
While it might seem like a risky approach, Ola Electric's mega production plans could be beneficial in certain ways. For example, the company may benefit from economies of scale. This will allow the company to price its products at a competitive price point compared to rival offerings. Ola Electric’s mega currently being built in Tamil Nadu with an investment of Rs 2,400 crore, will have the capacity to manufacture 10 million units annually.
Ola Electric's production facility will be the largest of its kind globally. Covering 500 acres, the facility will include integrated manufacturing, battery production, and supplier parks. The design aims to streamline logistics and achieve over 90%. The plant will make extensive use of artificial intelligence (AI), employing more than 3000 AI-based robots to ensure high-quality, precise manufactured products.
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Ola Founder Bhavish Aggarwal Story
Ola Electric is led by Bhavish Aggarwal, who is also the head of Ola Cabs and currently serves as its CEO. Bhavish, is a computer science graduate from IIT, Bombay. he previously worked at Microsoft.
Ola Funding
Ola Electric is a well-funded company with multi-million dollar investments and is one of the fastest to achieve the ‘Unicorn’ tag. Key investors in Ola Electric include SoftBank Group, Tiger Global Management, Matrix Partners India, RNT Associates, Hyundai, Kia, and Bank of Baroda.
Ola History and Success
In 2017, the founder recognized the huge potential in the electric two-wheeler space. However, there were also clear challenges, such as the high cost of electric two-wheelers and range anxiety. Another major issue was the lack of sufficient charging infrastructure, which discouraged users from switching to electric vehicles.
The Ola electric scooter has the potential to address many of these problems. Alongside its range production capacity, the company is also developing a large network of hypercharge stations across the country. The Ola Hypercharger Network will cover 400 cities.
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Ola Competitors
Ola Electric's competitors in the electric two-wheeler market include Ather, Hero Electric, Ampere, Bajaj, Okinawa, and TVS.
Ola Net worth
The disclosure suggests a $2 billion valuation for Bengaluru-based Ola, down from $7.3 billion in 2021. Ola competes with Uber, Swiggy-backed Rapido, and Google-backed Moving Tech in India’s ride-hailing market. The latest valuation of Ola is $2B as on Nov 04, 2024.
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Bhavish Aggarwal Net worth & Salary
Ola Electric's IPO draft reveals Chairman Bhavish Aggarwal will earn ₹6 crore in base salary plus ₹3 crore in variable pay annually, while Independent Directors will receive ₹50 lakh per year.
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Bhavish Aggarwal Wiki Bio
Know more about the Bhavish Aggarwal companies name, age, birthday, wife, net worth in rupees and IIT rank
| Name | Bhavish Aggarwal |
| Company | Ola Electric, OlaKrutrim, Ola Cabs |
| Bhavish Aggarwal age | 29 Years (28 Aug 1985) |
| Bhavish Aggarwal net worth in rupees | INR 19.34 thousand crore |
| bhavish aggarwal wife | Rajalakshmi Aggarwal |
| bhavish aggarwal IIT rank | AIR 23rd rank in JEE |
Ola Electric Share Price
Ola Electric shares rebounded, closing 2.20% higher at Rs 74.34. In last 1 month Ola electri higest share price 71.88 and lowes share price is 69.54.
Conclusion - Ola Electric
Ola Electric is working on making two-wheelers. They have set up a large production factory and a vast charging network across the country. The company aims to provide high-quality EV scooters. Ola Electric wants to provide sustainable electric scooters.
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