Ola Electric to roll out 10,000 e-rickshaws in UP by mid-2025 under PM E-Drive

Ola Electric plans to put 10,000 electric rickshaws on the roads of Uttar Pradesh by the second quarter of 2025. The move comes under the central government's PM E-Drive scheme, which offers purchase subsidies for electric three-wheelers.

The company will start with a pilot in Lucknow, Varanasi, and Agra. A company spokesperson said the first 1,000 units will hit the streets by January 2025. The remaining 9,000 will follow by June.

Ola's e-rickshaw is built on its own battery and motor platform. The vehicle carries a lithium-ion pack that the company claims gives a range of 120 kilometers per charge. A swappable battery option is also in the works.

Why UP matters

Uttar Pradesh has the largest number of e-rickshaws in India, an estimated 1.5 lakh vehicles, most of them running on lead-acid batteries. These older models are heavy, slow to charge, and have short battery lives. The state government has pushed for a switch to lithium-ion since 2022, offering its own top-up subsidy on top of central incentives.

Ola's entry could speed up that shift. But the company faces stiff competition from existing players like Mahindra Last Mile Mobility, Piaggio, and a host of unorganised local assemblers who sell lead-acid e-rickshaws for as little as ₹1.2 lakh. Ola's e-rickshaw is expected to cost around ₹1.8 lakh after subsidies.

PM E-Drive scheme details

The PM E-Drive scheme, launched in September 2024, sets aside ₹500 crore for e-rickshaws and e-carts over two years. Buyers get a subsidy of ₹50,000 per vehicle, paid directly to the financier to lower the loan amount. The scheme also covers battery swapping infrastructure.

Ola is one of the first large OEMs to announce a dedicated e-rickshaw model under the scheme. The company says it has tied up with three NBFCs to offer financing at 9% interest.

Ground realities

Rickshaw drivers in Lucknow are watching closely. Ram Singh, who has driven a lead-acid e-rickshaw for four years, said he pays ₹60 every night to charge his battery. "If Ola's battery lasts longer and charges faster, I will switch. But I need to see the service network first," he said.

Ola plans to set up 50 service points across UP by March 2025. It will also train local mechanics to handle battery swaps and motor repairs.

The company is betting on volume. It has set a target of selling 50,000 e-rickshaws in India by the end of 2025. The UP deployment is the first big test.