Ola Electric, an Indian electric two-wheeler maker, has raised more funds, bringing its worth to $5 billion (approximately Rs 37 thousand crore). The business said that it has raised more than $200 million, which is roughly around to Rs 1,490.5 crore.
This fund was raised by Ola Electric with the help of Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others, according to the company. "Ola Electric is generating India's EV revolution and is driving cutting-edge manufacturing from India for the whole world," said Bhavish Aggarwal, co-founder and CEO of Ola Electric.
We have changed the whole scooter market with the Ola S1, the finest scooter ever created, and we are now looking forward to introducing our innovative products to more two-wheeler categories, including motorcycles and vehicles. I appreciate the investors' support and look forward to working with them to bring the electric vehicle revolution from India to the rest of the world."
Ola has already announced another $200 million in funding from Falcon Edge, Softbank, and others in September of last year. Ola Electric was valued at roughly 3 billion dollars at the time. Other investors, such as Tiger Global and Matrix India, have already invested in Ola Electric. Ola Electric signed a 10-year debt financing arrangement with the Bank of Baroda in July last year, valued at $100 million (approximately Rs. 744.5 crore).
Ola Electric received the funding at a time when company was looking to ramp up manufacturing of its S1 and S1 Pro electric scooters. The Ola S1 electric scooter costs 1 lakh rupees, while the S1 Pro costs 1.30 lakh rupees.