Ola Electric Enters Energy Storage with 'Shakti', To Be Key Part of Future Business: Bhavish Aggarwal The new Ola product will also be the first residential BESS in India, which is fully designed, engineered, and manufactured indigenously using tested automotive battery packs.

Ola Electric has ventured into the residential Battery Energy Storage System (BESS) with the launch of 'Shakti'.

The company said that the launch will take the company beyond the automotive domain, and how Indian consumers access, control, and consume energy as a portable solution. "We are very excited about this product. It's really going to revolutionize personal energy consumption," said Bhavish Aggarwal, CMD, Ola Electric.

Aggarwal confirmed during a launch event that the new product will cost the company almost nothing, in terms of manufacturing, capex, and R&D, as the product will host the same 4680 Bharat Cell technology platform as its 'Roadster' EV motorcycles and will be produced from its Gigafactory in Tamil Nadu.

"The Gigafactory that we have created is the heart of creating this product. Our own 4680 cell goes into this product. And our own assessment is that over the next couple of years, the cell consumption from our battery products will be bigger than from our automotive products," said Aggarwal.

He also said that profitability will not be a concern, because of the production stationed from its Gigafactory. He said, "Profitability will be actually very good from day one. In our estimate, it will actually be higher than our other products."

He also emphasized that the product will utilize the same pan-nation distribution network as its two-wheeler products, with plans to launch in e-commerce and quick commerce platforms. The BESS market is mainly comprised of Indian households, farms, and businesses, and the company said it is expecting an annual market consumption of up to 5GWh in the next two years.

The new Ola product will also be the first residential BESS in India, which is fully designed, engineered, and manufactured indigenously using tested automotive battery packs.

On the sector itself, research says that the residential BESS market in India is poised for rapid growth, underlined by falling battery costs, government policy support, and rising demand for reliable power. According to IMARC Group, the Indian residential battery storage market was worth about USD 890.47 million in 2024, and is expected to grow at a CAGR of ~23.8 per cent to reach approximately USD 6,082.82 million by 2033.

The Indian residential lithium-ion BESS market was valued at USD 47.6 million in 2023, but is expected to explode to USD 835.3 million by 2030, growing at a CAGR of over 50 per cent, according to Grand View Research.

On the utility/large-scale side, grid-scale battery storage revenue stood at about USD 1,241.8 million in 2024, with forecasts pushing it to USD 5,520.8 million by 2030, implying strong momentum not just in homes but in bigger installations too.

On the buyer segment Ola aims to target, Aggarwal also confirmed that the product will mostly be B2C, but with capabilities for commercial applications, by stacking up to house capacities of up to 20kWh.

"The demand for these home inverters or home PCs even today is beyond INR 10,000 crores, even today, with whatever limited quality products that there are. So we expect this market to grow significantly. We expect an annual forecast in two years, maybe more than half will actually be these home products. But we also have applications in commercial uses. People talk about residential uses, but it can be used for a small business and be stacked up for commercial use as well. It's a whole jigsaw. You can add up to, I think, six or seven. So you can really power a small community," said Aggarwal.

The launch event also teased its 'Container' grid product for the logistics and e-commerce dark store segment.

Ola Electric's shares traded at INR 52.20, up by almost 5 per cent post the launch on BSE.