Indian Ola Electric goes overseas to enter Nepal next quarter

Indian Ola Electric goes overseas to enter Nepal next quarter

A man checks his cell phone while he waits to recharge his Ola electric scooter at an electric vehicle charging station in New Delhi, India, February 12, 2022. REUTERS/Aditi Shah

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BENGALUR, Sep 22 (Reuters) – Ola, backed by SoftBank Group (9984.T), hopes to roll out its e-scooters globally, starting in Nepal, as it looks to tap into the growing international electric vehicle market.

The company will expand in Latin America, ASEAN countries and the European Union, the company said in a statement released Thursday. The company has signed a partnership agreement with CG Motors in Nepal to distribute its Ola S1 e-scooters.

Ola Electric, valued at $5 billion, has entered the Indian electric vehicle market with over 80,000 electric scooters. Last month, the taxi company said it would start producing electric vehicles in 2024.

“Ola aims to create an electric vehicle paradigm for the rest of the world by producing half of the vehicles the world needs right here in India,” said founder and CEO Bhavish Aggarwal.

Ola planned to go public in the first half of 2022 but has since shelved the plan due to market volatility and weak listings of some startups in India this year.

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Reporting by Ashish Chandra from Bangalore; Editing: Dhanya Ann Toppil

Our Standards: Thomson Reuters Trust Principles.

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