Techtonic

Ola Electric Acquires Electric Scooter Startup Etergo; Will Launch Electric Scooter Next Year By techtonic group Ola Electric has today acquired Amsterdam-based electric scooter startup Etergo , popularly  known for its AppScooter . The acquisition is part of Ola's plans to enter the premium electric two-wheeler market. Although the company did not reveal the financial details of the deal,  Etergo was valued at around $90 million last year . Despite the acquisition, Etergo's team will continue to be based out of Amsterdam. Etergo's AppScooter uses swappable high energy density batteries. The scooter boasts a range of up to 240km and can go from  0-45 km/h in just 3.9 seconds . In addition, Etergo has vehicle development experience with leading automotive companies such as Tesla, General Motors, Ferrari, Jaguar, and BMW. In a press release announcing the deal,  Ola revealed plans to launch its electric two-wheeler scooter in India next year . The compa...

Ola Cuts 1,400 Jobs Following 95% Revenue Slump Amidst Coronavirus Lockdown By Techtonic group Ola has announced that it is cutting 1,400 jobs in India  following a massive decline in revenues amidst the coronavirus lockdown. In an email sent to all company employees on Wednesday, Ola's co-founder and CEO, Bhavish Agarwal, said that the ride-aggregator is laying off 35 percent of its workforce in India because of the impact of the  coronavirus pandemic . According to Agarwal, the company's revenues have fallen 95 percent over the past two months  because of the nationwide lockdown . Members of the management team have all taken significant salary cuts to help the company recover, he said. However, that alone isn't nearly enough as the crisis rages on.  Both Ola and Uber have restarted operations in many cities, including in Delhi . However, Agarwal says he doesn't expect things to get back to normal anytime soon. "The prognosis ahead for our business is...