Ola Electric, worth  billion, raises 0 million

 – nixatube

Ola Electric, worth $3 billion, raises $200 million – nixatube

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Ola Electric, worth $3 billion, raises $200 million

Earlier this month, Ola said sales of its S1 electric scooter crossed Rs 1,100 crore in two days. Two e-scooters – Ola S1 and S1 Pro – were introduced in August this year.

Ola Electric, worth  billion, raises 0 million

 – nixatubeOla Electric Scooter

Ola Electric on Thursday said it has raised over $200 million (approximately ₹1,484.7 crore) in funding from Falcon Edge, SoftBank and others, valuing the company at $3 billion (about ₹22,272 crore). With the new fund, Ola said it will accelerate the development of other vehicle platforms including electric motorbikes, mass market scooters and electric cars.

The funding will further strengthen Ola’s ‘Mission Electric’ which urges industry and consumers to commit to electric and ensure that no petrol two-wheelers are sold in India after 2025. “We are proud to lead the EV revolution in the world from India. India has the talent and ability to build future technologies for future industries for the entire world. I thank our existing investors and at Ola Welcome new investors.

In July, Ola Electric had announced the signing of a 10-year term debt financing agreement with Bank of Baroda. In the past, Ola Electric has raised funds from investors including Tiger Global and Matrix India.

Earlier this month, Ola said sales of its S1 electric scooter crossed Rs 1,100 crore in two days. Two e-scooters – Ola S1 and S1 Pro – were introduced in August this year. The buying window will reopen in November.

Ola has completed the construction of the first phase of its manufacturing plant spread over 500 acres in Tamil Nadu. The company had announced an investment of Rs 2,400 crore for the facility. The factory will be run entirely by women and will provide employment to over 10,000 people on a full scale. The company had earlier said that it would initially start with an annual production capacity of 10 lakh and then increase it to 20 lakh in the first phase to meet the market demand.

Ola Electric claimed that its plant – when fully completed – would have an annual capacity of 10 million units, “which is 15% of the arena’s overall two-wheeler manufacturing”.

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