Ola Electric’s founder, Bhavish Aggarwal, has introduced two new electric scooters— the Ola S1Z and Ola Gig— marking a significant shift towards more affordable, entry-level electric vehicles. Starting at just Rs 39,999 ex-showroom, these models are the company’s most budget-friendly offerings since its debut in the electric scooter market.

Currently, Ola's most affordable model is the S1X, priced at Rs 69,999, which comes equipped with a 2kWh battery. The new Ola Gig and S1Z scooters, however, are powered by a 1.5kWh battery. Designed as low-speed vehicles, they offer a top speed of 25 km/h and a range of 112 km, making them ideal for short-distance commuting.

These scooters will not require registration and are primarily targeted at gig economy workers—such as delivery personnel—who need efficient and affordable transportation for quick errands. These scooters can also be used for personal travel. For those seeking slightly more power and range, Ola is offering a higher variant of the Ola Gig with dual 1.5kWh batteries.

This model reaches a top speed of 45 km/h and offers a range of 81 km. It is priced at Rs 49,999 and will require registration. Aggarwal’s latest announcements include the S1Z, priced at Rs 59,999, which will be the most affordable model in the S1 series. The S1Z is expected to appeal to small business owners, gig workers, and daily commuters. For more discerning customers, there’s also a higher-end variant of the S1Z priced at Rs 64,999, offering increased range and power.

Aggarwal is optimistic about the future of India’s gig economy, predicting that it will double in size over the next few years, reaching 10 million workers. In a post on X (formerly Twitter), he stated, “Indian gig economy workers are currently forced to use low-quality products at high prices. Ola Gig will change this by offering high-quality, affordable electric scooters.”

The new range of scooters is part of Ola’s push to make electric vehicles accessible to a larger segment of the Indian population. The market has responded positively to Ola’s new strategy, with the company’s stock surging for the fifth consecutive day, closing at Rs 93 on Thursday. This marks a 38.2% increase in the past week alone. Ola’s journey has not been without challenges.

After a successful initial public offering (IPO), the company faced fierce competition from established players like Bajaj Auto and TVS, both of whom have significantly ramped up their electric scooter production and distribution. Ola’s customer service also came under scrutiny, with complaints about poor service, while Aggarwal’s public feuds on social media did little to help the brand’s image. Despite these setbacks, Ola remains a key player in the electric scooter market.

In June, the company held a commanding 47% market share, but by September, that figure had dropped to just under 30%. However, with deep discounts during the festival season, Ola’s market share increased slightly to 31% in October. The company is now aiming to stabilize its share between 30-35% by focusing on higher sales volumes and expanding its customer base. As the market for electric scooters continues to grow, Ola’s new budget-friendly models could prove pivotal in winning over cost-conscious consumers and gig workers alike.