Is it necessary to have driving license and registration for Ola Electric S1 Z?

Yes, you will need a valid driving licence and registration for the Ola S1 Z. official launch announcement lists of Ola the S1 Z with a top speed of 70 km/h, so it is not a low-speed exemption-class EV. In other words, it should be treated as a normal road-going scooter for licensing and registratio