Divisive startup kingpin doubles down on EVs to undercut Musk.
When Bhavish Aggarwal arrived for a recent visit at the Ola Futurefactory, marketed as the world’s largest electric two-wheeler plant, the company’s founder was quick to spot a shuttered entryway that should have been left open. He immediately summoned a custodial manager, people who were present said, and meted out a punishment: run three laps around the several-acre-large plant.
Aggarwal’s mission has promise. India is already the world’s largest manufacturer of two-wheelers and the biggest global market. With blue-chip investors and sovereign funds looking for alternatives to China, the country’s success in building affordable vehicles could provide a model for how developing economies can scrap combustion engines and lower emissions without costly electric cars.
In the Bloomberg interview, Aggarwal said he wants to build companies with lasting impact, even if that means rubbing some people the wrong way. He said India can surpass rivals not just by making cheaper EVs, but also by cultivating a global footprint in 5G, green energy and sustainable mobility. Progress in achieving those goals, he said, is “the yardstick the world should judge us by.”Aggarwal started his business career more than a decade ago in ride-sharing.
Business flourished as urban Indians quickly adopted the service for commuting or running errands. When global rival Uber Technologies Inc. started operations in India in 2013, Aggarwal encouraged Ola’s workers to try to outsmart the Silicon Valley company on every front — prioritizing outreach to government officials, public relations blitzes and support services for drivers.
Aggarwal devised a much shorter schedule. In March 2021, he stood on a barren stretch of land three hours outside Bengaluru, describing at a media gathering dreams to build a $330 million two-wheeler plant with a capacity of two million electric scooters in a matter of months. Aggarwal planned for ten lines with an annual capacity of 10 million scooters over two years. He hoped to export the vehicles to Europe and Latin America.
Inside Ola Electric, employees said the culture has turned hostile over the last couple of years. In meetings, Aggarwal ripped up presentations because of a missing page number, directed Punjabi epithets at staff and called teams “useless,” according to current and former employees.
Ola didn’t respond to questions about the acquisition or valuation swings. In the Bloomberg interview, Aggarwal didn’t directly address either issue but attributed some of the scrutiny to jealous rivals.
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