Kalaari Capital Visits Ola Electric

The Fellowship program at Kalaari Capital is a fantastic stepping-stone to the venture capital world. I am excited to be part of the 4th batch. We are a cohort of 12 Kalaari Fellows from many different backgrounds. At Kalaari, we are offered many exciting opportunities like the entire company spending the day at Ola Electric for an insider’s look at the innovative strides being made in the electric vehicle (EV) sector. It was an exclusive access to the behind-the-scenes action at Ola – something wonderful and rare.?

Our journey began early at 6 am. A convoy of Toyota Innovas left the Kalaari office in Whitefield.? Excitement was palpable among the team as we traveled over 100 km to visit Ola Electric's facilities.??

Our first stop was the Ola Futurefactory which is impressive both in scale and pioneering approach. The factory, built from the ground up in just eight months during the pandemic, operates with an all-woman workforce. Witnessing this commitment to gender inclusivity and empowerment firsthand was a highlight for many of us.?

One memorable moment was when Vani Kola, our Managing Director, engaged in an enriching conversation with some of the women working at the Ola factory. She was deeply moved by their dedication and the roles they played in the factory's operations. Vani’s interaction underscored the importance of creating inclusive work environments where diverse teams can thrive and drive innovation. Her sentiment was echoed by many of us. As one of my friends at Kalaari, Meenakshi Sundareswar aptly put it, "Seeing only women on the factory floor was incredible. The way Ola designed their plant with women in mind is something other companies should definitely learn from"?

The sheer scale of Ola’s operations was an eye-opener. The Ola Futurefactory spread over 600,000 square feet of space, with an annual capacity of 1 million units. The advanced automation, including AI-based quality assurance systems and autonomous mobile robots, demonstrated Ola's commitment to leveraging cutting-edge technology to enhance efficiency and productivity. This level of technological integration highlighted for us the vital role of continuous innovation in maintaining a competitive edge in the rapidly evolving EV market. Aditya Srivastava, also a Kalaari Fellow had the same reaction as me and asked “Can you imagine? Their goal is to be one of the largest manufacturers of EV in the world, by the end of this decade!”?

A particularly exciting part of our visit was the opportunity to test drive the Ola scooters at the Ola Futurefactory. The quality and performance of the scooters impressed everyone. The test drive allowed us to experience first-hand the product's excellence and the advanced technology behind it. One of the fellows here at Kalaari, Venil Maru was particularly impressed, saying, "The ride quality of most of these EVs is something I have only experienced on ICE two-wheelers". This says a lot about the deep technology being used by Ola to manufacture these top-of-the-line EVs.?

Our next stop was the Ola Gigafactory, where we delved into the intricacies of battery production. This facility represents the highest level of automation in battery manufacturing in India. The leadership team's insights into their operations and future plans were particularly exciting. Priyanka Gill, a Venture Partner at Kalaari remarked how Ola is " Truly defining India’s response to this once-in-a-generation opportunity to build from Bharat for the World."??

The highlight of our visit was undoubtedly the session with Bhavish Aggarwal, Ola's visionary founder. His deep insights into the future of technology and mobility, and his unwavering belief in India's potential to lead in the global EV landscape, were both inspiring and thought-provoking. Bhavish emphasized the importance of dreaming big and the necessity of a strong intent to achieve transformative goals. His vision for Ola Electric reflects the level of ambition that is both bold and achievable, given their current trajectory and relentless focus on innovation. Vamshi Reddy, a partner at Kalaari, summed it up well: "The vision to achieve something that is unimaginable and seeing it in execution is very inspiring"?

Ola Electric started its operations in 2021 and has rapidly scaled its operations and is now a key player in India's evolving EV market. With a valuation of around $5.5 billion as of the latest funding rounds, Ola is poised to become a major force in the global EV landscape. India's EV market is projected to reach $206 billion by 2030, driven by the government’s push for electric mobility and significant investments in infrastructure and technology. Ola's ambitious plans, including the expansion of their Gigafactory from 1.4 GWh to 3.6 GWh, demonstrate their commitment to addressing key bottlenecks in the EV supply chain and scaling production to meet growing demand.?

The hospitality extended by the Ola team throughout the day was exceptional. They ensured we were well taken care of, making our visit not only informative but also comfortable and enjoyable. There were ample and delicious refreshments available throughout the day. This level of hospitality reflected Ola’s commitment to building strong, collaborative relationships within the industry.?

As our visit concluded, I reflected on the key takeaways from the day. The experience reinforced several principles that align with Kalaari Capital's values: the critical role of continuous innovation, the necessity of visionary leadership to drive transformative change, and the importance of inclusivity and diversity. It also highlighted the immense potential of India to lead in the global EV market through strategic investments in technology and infrastructure. As we look ahead, we are optimistic about the future of electric mobility in India and the role that Ola Electric will play in this transformation.?

Stay tuned for more insights and reflections from our journey into the heart of India's technological revolution?