Ola has raised $200 million, or Rs.1,486 crore, in the latest round of funding led by Falcon Edge, Softbank and other investors. The company has received a valuation of $3 billion or over Rs. 22,281 crore.
Ola says that it will accelerate the development of other vehicle platforms like motorbike and cars
Ola Electric, the EV arm of ride-sharing app Ola Cabs, has announced raising more than $200 million, or ₹ 1,486 crore, in the latest round of funding led by Falcon Edge, Softbank and other investors. The company has received a valuation of $3 billion or over ₹ 22,281 crore. The company recently launched its first electric scooter, the Ola S1, which comes in two variants – S1 and S1 Pro. Ola says that it will accelerate the development of other vehicle platforms including electric motorbike, mass-market scooter and its electric car.
Ola Electric is pleased with the fact that the latest round of funding has arrived at a time when the company has already sold over ₹ 1,100 crore worth of electric scooters, during the first purchase window of just 48 hours. In its official statement, the company said that this new round of funding will also further strengthen Ola’s “Mission Electric” which urges the industry and consumers to commit to electric, and ensure that no petrol two-wheelers are sold in India after 2025.
Speaking on the occasion, Bhavish Aggarwal, Founder and CEO, Ola, said “India has the talent and the capability to build technologies of the future for the industries of the future for the entire world. 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 Electric is also building its Futurefactory in Krishnagiri, Tamil Nadu, which is spread over 500 acres and will have a production capacity of 10 million vehicles per year when fully completed. Ola says that it will be the largest, most advanced 2W factory in the world, and it has already completed phase 1 construction and is currently undergoing production trials. The Ola Futurefactory will also be the world’s largest factory that is entirely run by women. At full scale, it will have over 10,000 women employed.