ola electric funding: Ola Electric said to raise $200 million at over $5-billion valuation

ola electric funding: Ola Electric said to raise $200 million at over $5-billion valuation


New Delhi: Ola Electric has raised $200 million, or about Rs 1,500 crore, from a clutch of investors in a fresh funding round, valuing the electric vehicle maker at more than $5 billion, sources said.

The fresh funding comes days after the Bhavish Aggarwal-led company
raised $200 million at a post-money valuation of $3 billion. The latest funding round saw participation of existing investors and some US-based bluechip tech funds, sources said. The capital will be used to accelerate vehicle development, including mass-market scooters, electric motorcycles and electric cars, as well as other form factors.

When contacted, Ola refused to comment on the matter.

On September 30, Ola had announced raising more than $200 million from Falcon Edge, SoftBank Group Corp. and others. While that round was closed around June, the official announcement was made recently. The company has previously raised over $600 million from investors, including Tiger Global and Matrix India. This included
a $100 million debt from Bank of Baroda that was announced in July.

In September, Ola had stated that the sales of its S1 electric scooters crossed Rs 1,100 crore in two days. The two e-scooters—Ola S1 and S1 Pro—were unveiled in August this year. The purchase window will re-open in November.

Ola has completed the first phase of the construction of its 500-acre manufacturing plant near Krishnagiri in Tamil Nadu. The company had announced an investment of Rs 2,400 crore towards the facility. The factory will be run entirely by women and employ more than 10,000 women at full scale.

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The company had previously stated it would initially start with a 10 lakh annual production capacity and then scale it up to 20 lakh, in line with market demand, in the first phase.

Ola Electric had claimed that its plant—when fully completed—would have an annual capacity of one crore units, “that is 15 percent of the world’s entire total two-wheeler production”.



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