The high-profile Ola founder Bhavish Aggarwal hopes to make 10 million vehicles annually or 15% of the world’s e-scooters by the summer of 2022 before selling abroad as well. Image Credit: Bloomberg

New Delhi: Ola Electric Mobility priced its electric scooter at Rs99,999 in an attempt to crack the affordability barrier for electric two-wheelers in value-conscious India. The SoftBank Group and Tiger Global Management-backed electric vehicle unicorn unveiled the price of the Ola S1 during an official launch timed to coincide with India's Independence Day on Sunday.

The basic version of the electric scooter will have a range of 121 kilometers (75 miles) on a complete charge.

The final price will vary according to subsidies offered by each state government, the company said. Deliveries will commence in October in over 1,000 cities, and exports to countries in Asia, Latin America and Europe will begin in the coming months.

By 2025, all two-wheelers sold in India should be electric, that's my mission.

- Bhavish Aggarwal, chairman and group CEO of Ola Group

"We want 50 per cent of all electric two-wheelers produced for the world to be made in India," Aggarwal said at a media. India is the world's largest two-wheeler market - scooters and motorcycles clog roads and add to pollution in its densely-populated cities.

Electric vehicles in India

Electric vehicle sales are low but have been climbing steadily as the government pushes for its adoption through subsidies. India's electric vehicle market could be worth nearly $206 billion in a decade with over 100 million units sold - about 200 times the current number, according to think tank CEEW Centre for Energy Finance.