Ola Electric on Monday announced that it has raised over USD 200 million (about Rs 1,490.5 crore) from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others, with the electric vehicle maker’s valuation rising to USD 5 billion (Rs 37,000 crore). In September, the Bengaluru-headquartered company had announced raising a similar amount in funding from Falcon Edge, Softbank and others that had valued the company at USD 3 billion.
Commenting on the development Ola co-founder and CEO Bhavish Aggarwal said: “Ola Electric is creating India’s EV revolution and is driving cutting edge manufacturing from India for the entire world. With Ola S1, the best scooter ever made, we have changed the entire scooter industry and are now looking forward to bringing our innovative products to more two-wheeler categories, including bikes as well as cars.”
“I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world,” he added.
The funding comes at a time when the electric vehicle maker is aiming to ramp up production of its S1 and S1 Pro electric scooters. The Ola S1 electric scooter is priced at ₹1 lakh while the more capable S1 Pro is priced at ₹1.30 lakh.
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Over the last 12 months, Ola Electric has built its ‘Futurefactory’, which it claims is the world’s largest two-wheeler manufacturing facility, and launched its electric scooter Ola S1. Ola’s facility will employ over 10,000 women at full capacity and will be the largest women-only factory globally.
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