Ola Electric raises more than $200 mn funding, valuation touches $3 bn
India’s leading electric vehicles manufacturer, Ola Electric announced that it has raised over $200 mn in a funding round, led by Falcon Edge, Softbank and others. The latest funding round took the company's valuation to $3 bn.
Ola Electric, India’s leading electric vehicles manufacturer, said, the current round will assist it with speeding up advancement of other vehicle stages including electric motorbike, mass market scooter and its electric car.
"I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future," Ola Chairman and Group CEO Bhavish Aggarwal said.
“We are proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world," he added.
The latest funding, the company said, will further strengthen Ola’s “Mission Electric", urging the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025.
The fundraising comes at a time when Ola has sold ₹1,100 crore two-wheeler electric vehicles in a two-day sale. The company offered its first electric scooter range comprising the S1 and S1 Pro models to customers.
In July, Ola Electric had announced signing a $100 million (about ₹744.5 crore) 10 year-term debt financing agreement with Bank of Baroda.
In the past, Ola Electric has raised funding from investors, including Tiger Global and Matrix India.
On August 15, Ola Electric unveiled its much-touted S1 and S1 Pro electric scooter models, priced at ₹99,999 and ₹1.3 lakh respectively. Howeverm due to technical glitches on the website, the company was forced to delay sales till September 15.
Ola is producing all the electric vehicles at its 500-acre Futurefactory in Tamil Nadu, which is completely run by women. The phase-1 of the factory was completed and undergoing production trials. It built the factory in record six months and at a full scale, the factory will have over 10,000 women employed.