DIRS.INFO The most relevant business & tech news

[1/6] Ola electric scooters are seen outside the Ola Electric Service Centre, in Thane on the outskirts of Mumbai, India, October 25, 2023. Aggarwal's Ola Electric, which he likens to Tesla in the West, is zipping towards a stock-market listing after going from zero to 338,000 e-scooter sales in about two years. But he acknowledged service capacity issues and said Ola was "aggressively" bolstering its service network by adding 100 new centres and hiring more technicians. 'TESLA FOR WEST, OLA FOR REST'Aggarwal often declares, "Tesla is for the West, Ola for the rest", and he's a man in a hurry. "Electric vehicles are new to people so they aren't aware of how to ride the vehicle to maximise optimal output," he said.

Persons: Francis Mascarenhas, it's, Elon Musk, Aggarwal's Ola, Tesla, Ola, Devendra Ghuge, Aggarwal, Ola EVs, Ravi Bhatia, Bhatia, Japan's SoftBank, Ronald Radhakrishnan, Koradia, Riddhima Talwani, Aditi Shah, Rishika Sadam, Sriram, Arpan Chaturvedi, Anushree, Pandya, Francis Mascerehnas, Varun Vyas, Munsif, Jatindra, Saurabh Sharma, Sumit Khanna, Jose Devasia, Aditya Kalra Organizations: Ola Electric Service Centre, REUTERS, Staff, Reuters, JATO Dynamics, WEST, OLA, West, Singapore's Temasek, Industry, Hero Electric, TVS, EV, Ola, Fayaz Bukhari, Thomson Locations: Thane, Mumbai, India, THANE, HYDERABAD, DELHI, MUMBAI, Chennai, Bengaluru, India's, U.S, China, Kochi, New Delhi, Bhubaneswar, Lucknow, Ahmedabad, Jose, Srinagar

Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023. REUTERS/VarunVyas Hebbalalu/File Photo Acquire Licensing RightsNEW DELHI, Sept 7 (Reuters) - Singapore's investment firm Temasek led a $140 million funding round in India's Ola Electric at a valuation of $5.4 billion, two sources with the direct knowledge said, the latest funding for the e-scooter maker before its initial public offering. Ola did not respond to a Reuters request for comment, while Temasek, which is an existing investor in Ola Electric, declined to comment. Ola Electric, founded by Bhavish Aggarwal and backed by Japan's SoftBank Group (9984.T), has become India's e-scooter market leader with a 32% share, competing with Ather Energy as well as companies such as TVS Motor (TVSM.NS) and Hero Electric. Valued at $5 billion last year, Ola sold around 95,000 e-scooters during April-August 2023, industry data showed.

Persons: Ola, VarunVyas, Ola Electric, Bhavish Aggarwal, Japan's, Aditya Kalra, Aditi Shah, Yantoultra Ngui, Dhwani Pandya, Rashmi Organizations: REUTERS, Temasek, Japan's SoftBank, Ather Energy, TVS, Reuters, Thomson Locations: Pochampalli, Tamil Nadu, India, DELHI, India's, Temasek, Ola

Here, workers in black uniforms churn out a brand-new electric scooter every 90 seconds, while executives review the company’s skyrocketing sales. Mehta is the 33-year-old CEO of Ather Energy, an electric scooter manufacturer that has enjoyed a recent explosion of demand. “That’s an incredible jump.”The push has been fueled by strong state support, particularly through a policy known as “FAME,” or the Faster Adoption and Manufacturing of Electric Vehicles. Electric two-wheelers on display at the Hero Electric Vehicles headquarters in Gurgaon, India, in 2021. BluSmart is an Indian ride-hailing startup that uses an all-electric fleet, relying heavily on charging infrastructure.

Persons: Tarun Mehta, Mehta, ” Mehta, pedaling, MotoCorp, ”, Brajesh Chhibber, “, Bain, That’s, Anindito Mukherjee, Anmol Singh Jaggi, Fadnavis, Chhibber, ” Chhibber, Jaggi Organizations: India CNN —, Ather Energy, “, CNN, McKinsey, Manufacturing of Electric Vehicles, EV, Economic, Ministry of Heavy Industries, Hero Electric Vehicles, Bloomberg, Getty, ” Locations: Hosur, India, Indian, Bangalore, New Delhi, Delhi, Gurgaon, Gurugram

With the IPO still some way off, Ola is embarking on investor meetings earlier than usual to explain the business potential of India's nascent EV market. Aggarwal plans to meet investors, including BlackRock (BLK.N), Singapore's sovereign wealth fund GIC, and mutual funds such as T Rowe Price (TROW.O), the first source said. Ola Electric declined to comment. Ola Electric is likely to file regulatory papers on the IPO for approval by August, the two sources said. Ola competes with other startups and bigger companies like TVS Motors (TVSM.NS), Ather Energy and Hero Electric, which are ramping up their EV scooter plans.

Persons: Ola, Bhavish Aggarwal, Rowe Price, Bhavish, Ola Electric, T Rowe Price, Goldman Sachs, Sriram, Scott Murdoch, Aditya Kalra, Jane Merriman Organizations: Blackrock, Bank of America, Temasek, BlackRock, Reuters, TVS Motors, Ather Energy, Hero, EV, Citi, ICICI Securities, Thomson Locations: Singapore, UK, U.S, GIC, MUMBAI, United States, United Kingdom, India

Search resuls for: "Hero Electric"

4 mentions found