Ola Electric Mobility Limited
Company History
Ola Electric History: Founding, Growth & Key Milestones
Founded 2017 in Bengaluru, Karnataka, India
When was Ola Electric founded?
Ola Electric was founded in 2017 in Bengaluru, Karnataka, India by Bhavish Aggarwal, making it 9 years old.
- Founded
- 2017
- Founding place
- Bengaluru, Karnataka, India
- Founders
- Bhavish Aggarwal
- Headquarters today
- Bengaluru, Karnataka, India
- Milestones documented
- 8 (2017–2026)
- Current CEO
- Bhavish Aggarwal
- Acquisitions
- 1
| Year | Event |
|---|---|
| 2017 | Founded as Electric Mobility Subsidiary of ANI Technologies |
| 2019 | Spun Off as an Independent Company |
| 2020 | Acquisition of Dutch EV Startup Etergo BV |
| 2021 | Opening of 500-Acre Futurefactory & Launch of Ola S1 |
| 2022 | Selected for Government 20 GWh Advanced Chemistry Cell (ACC) PLI |
| 2024 | Landmark IPO on NSE/BSE Raising 6,145 Crore ($735M USD) |
| 2025 | Market Share Slide and Cost Reset |
| 2026 | FY26 Revenue Halves; Gigafactory Ramp and New Fundraises |
- Where was Ola Electric founded?
- Ola Electric was founded in Bengaluru, Karnataka, India in 2017.
- Who founded Ola Electric?
- Ola Electric was founded by Bhavish Aggarwal.
- When did Ola Electric start?
- Ola Electric was founded in 2017.
- How old is Ola Electric?
- Ola Electric is 9 years old as of 2026.
Founding Story
Ola Electric started in 2017 inside ANI Technologies, the parent of Ola Cabs, to pilot electric vehicles and charging for ride-hailing fleets. It became a separate company in 2019, raising capital from investors including SoftBank, and shifted focus to consumer scooters. In 2020 it bought Dutch scooter startup Etergo, whose AppScooter design became the basis of the Ola S1. The Futurefactory in Krishnagiri, Tamil Nadu, was built in 2021 and the S1 and S1 Pro launched on 15 August 2021.
Founders
Bhavish Aggarwal
Bhavish Aggarwal is the founder, Chairman and Managing Director of Ola Electric and co-founder of ride-hailing company Ola Cabs. He started Ola Electric in 2017, oversaw construction of the Futurefactory in 2021 and took the company public in August 2024. He also founded AI company Krutrim in 2023. In September 2026 he said he would participate in Ola Electric's ~$116 million (₹1,000 crore) rights issue. Bhavish Aggarwal was born in 1985 in Ludhiana. Education: Indian Institute of Technology Bombay.
Key Milestones
Founded as Electric Mobility Subsidiary of ANI Technologies
Bhavish Aggarwal established Ola Electric to pilot commercial EV fleets and charging infrastructure.
Source: en.wikipedia.orgSpun Off as an Independent Company
Ola Electric became a standalone company and raised funding from investors including SoftBank.
Source: en.wikipedia.orgAcquisition of Dutch EV Startup Etergo BV
Acquired Amsterdam-based Etergo to license its sleek AppScooter intellectual property and chassis.
Source: en.wikipedia.orgOpening of 500-Acre Futurefactory & Launch of Ola S1
Constructed the automated Futurefactory in Tamil Nadu and launched the flagship Ola S1 and S1 Pro scooters.
Source: en.wikipedia.orgSelected for Government 20 GWh Advanced Chemistry Cell (ACC) PLI
Won the Indian government's Production Linked Incentive for domestic battery cell manufacturing.
Source: en.wikipedia.orgLandmark IPO on NSE/BSE Raising 6,145 Crore ($735M USD)
Successfully listed on the Indian stock exchanges, funding its 20 GWh battery cell Gigafactory.
Source: en.wikipedia.orgMarket Share Slide and Cost Reset
Revenue fell to ~$524 million (₹4,514 crore) in FY25 as TVS and Bajaj overtook Ola in electric two-wheeler registrations.
Source: livemint.comFY26 Revenue Halves; Gigafactory Ramp and New Fundraises
FY26 revenue fell to ~$261 million (₹2,253 crore); Ola raised ~$90.5 million (₹780 crore) via QIP, launched Mahashakti energy storage and approved a ~$116 million (₹1,000 crore) rights issue.
Source: moneycontrol.comMajor Acquisitions
Etergo BV
2020Acquired the Amsterdam-based maker of the AppScooter for its design and engineering team.
Keep researching Ola Electric
Ola Electric Company History FAQ
What are the historic milestones that define the rise of Ola Electric?
Key milestones include: incubation within Ola Cabs (2017), independent spinoff (2019), unicorn valuation Series A (2019), acquisition of Etergo (2020), Futurefactory groundbreaking (Feb 2021), launch of Ola S1 and S1 Pro (Aug 2021), start of mass deliveries (Dec 2021), opening of Battery Innovation Centre (2022), selection under Government ACC PLI scheme (2022), launch of Gen-2 S1 Air/X scooters (2023), commencement of Gigafactory cell installation (2024), historic ~$713 million (₹6,145 crore) IPO on NSE/BSE (Aug 2024), and unveiling of Roadster motorcycles (Aug 2024).
How did Ola Electric construct the Futurefactory in record time in 2021?
Breaking ground in February 2021 in Krishnagiri, Tamil Nadu, Ola Electric erected the 500-acre mega-factory in just 9 months, creating an automated assembly plant capable of producing an electric scooter every few seconds.
When did Ola Electric commence commercial customer deliveries of the S1 Pro?
In December 2021, Ola Electric officially commenced direct-to-home customer deliveries of the Ola S1 and S1 Pro across major Indian cities, dispatching scooters directly to buyers' doorsteps with digital registration.
What occurred during Ola Electric's stock market debut in August 2024?
Ola Electric listed on the NSE and BSE on 9 August 2024 at an issue price of ₹76 per share and rose sharply in its first trading sessions. By late September 2026 the stock traded around ₹37.
What is Ola Electric's corporate roadmap for the next decade of sustainable transportation?
Ola Electric aims to electrify 100% of India's two-wheeler and commercial commuter mobility, scale the Gigafactory to 20 GWh, launch electric motorcycles and four-wheelers, and export high-quality electric vehicles and battery cells across the globe.
How did Ola Electric lose its market leadership?
Service complaints and supply problems in 2024-2025 hurt demand while TVS and Bajaj scaled electric models through their dealer networks. Ola's registration share fell to 5.1% in Q4 FY26 before recovering to 8.4% in Q1 FY27.
How did Ola Electric transition from an electric cab fleet pilot to manufacturing scooters?
In 2017, Ola Electric launched as a pilot program running electric three-wheelers and cabs with battery swapping in Nagpur. Recognizing that two-wheelers represent 75%+ of Indian automotive volume, Bhavish Aggarwal acquired Dutch EV startup Etergo in 2020 and committed $330M to build the world's largest two-wheeler factory in Tamil Nadu.
What was the manufacturing milestone achieved by the Ola Futurefactory in Tamil Nadu?
The 500-acre Futurefactory in Krishnagiri, Tamil Nadu, was built in under nine months in 2021. Designed with an ultimate annual capacity of 10 million two-wheelers and powered by an all-female shop-floor assembly workforce, it established unprecedented automated manufacturing scale in the Indian automotive sector.
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