Ola Electric has unveiled a significant expansion of its business portfolio with the introduction of ‘Shakti’, a residential Battery Energy Storage System that represents the company’s first venture beyond the automotive sector. “We are very excited about this product. It’s really going to revolutionize personal energy consumption,” said Bhavish Aggarwal, CMD, Ola Electric.
Indigenous Innovation Meets Market Demand
The ‘Shakti’ system distinguishes itself as India’s first completely indigenous residential BESS solution, incorporating design, engineering, and manufacturing capabilities developed entirely within the country. The product leverages Ola Electric’s existing 4680 Bharat Cell technology, originally developed for the company’s Roadster electric motorcycles, demonstrating an efficient utilization of established technological assets.
According to Bhavish Aggarwal, the company’s Chairman and Managing Director, this product launch required minimal additional investment. “The Gigafactory that we have created is the heart of creating this product. Our own 4680 cell goes into this product,” said Aggarwal. He emphasized that “profitability will be actually very good from day one. In our estimate, it will actually be higher than our other products.”
Capturing a Multi Billion Dollar Opportunity
Market research underscores the significant commercial potential of this venture. According to IMARC Group, India’s residential battery storage sector was valued at approximately $890.47 million in 2024, with projections suggesting growth to approximately $6,082.82 million by 2033, representing a compound annual growth rate of around 23.8 percent. The current demand for home inverters and home UPS products already stands at over ₹10,000 crores annually.
Ola Electric’s approach targets primarily consumer markets while maintaining scalability for commercial applications. The modular design allows stacking configurations supporting capacities up to 20 kilowatt-hours, making the solution viable for both residential and small business requirements. Distribution will utilize the company’s established two wheeler network, supplemented by e-commerce and quick commerce channels.
Aggarwal stated, “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,” indicating the company’s long term commitment to this segment. Market response appeared favorable, with Ola Electric’s stock price increasing nearly 5 percent following the announcement, reflecting investor confidence in this diversification strategy.
