SoftBank-backed Ola buys Dutch electric scooter company

SoftBank-backed Ola buys Dutch electric scooter company Etergo

SoftBank Group-backed Indian ride-hailing company Ola will acquire Amsterdam-based electric scooter company Etergo as part of its plan to locally build electric vehicles (EVs), the company said on Wednesday.

Ola did not disclose the amount for which it will acquire Etergo, which was last valued at around 84 million euros ($92.05 million), according to a source familiar with the deal.

Etergo's scooters use swappable, high energy density batteries that give it a range of up to 240 km.

Ola said it will begin EV production work this year and plans to launch its first electric scooter in 2021.

"The company aims to build a suite of electric and smart urban mobility solutions ... in India and around the world," it said.

Ola already offers rides on electric scooters and three-wheeled vehicles made by other manufacturers on its platform, and has set up battery-swapping stations, across several cities in India. ($1 = 0.9126 euros)

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