Ola Electric’s latest $200 million investment comes from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others, which has raised the company’s valuation to $5 billion.
see photosOla Electric had earlier raised the same price in September last year
Ola Electric has announced a new investment of $200 million (approximately ₹1490 crore) from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The company says the latest round of funding values the company at $5 billion. The electric two-wheeler had earlier raised a similar amount in September last year from Falcon Edge, SoftBank and others. At the time, the company was valued at $3 billion. In the last few months, the company launched its S1 Pro electric scooter in the market, started production and delivered it to the customers.
Read also: Ola Electric CEO announces ‘free upgrade’ for Ola S1 customers
The 500-acre Ola Electric facility promises to have a full female workforce of 10,000 when operations are in full swing
Speaking on the development, Bhavish Agarwal, Founder and CEO, Ola, said, “Ola Electric is creating India’s EV revolution and manufacturing state-of-the-art from India for the entire world. With the Ola S1, the best ever Good Scooters, we have transformed the entire scooter industry and are now looking forward to bringing our innovative products to more two wheeler categories including bikes and cars.I thank the investors for their support and taking the EV revolution from India to the world Look forward to partnering with them to get going.”
Ola Electric’s Futurefactory in Tamil Nadu promises to be the world’s largest e-scooter factory with an installed production capacity of 10 million scooters per year. The facility will employ over 10,000 women at full capacity and will also be the world’s largest women-only motor vehicle manufacturing facility.
Read also: Reliance, Ola Electric, Mahindra bid for incentives under India’s $2.4 billion battery plan
Ola S1 Pro scooters were recently shipped to customers across India
Ola follows the direct to consumer model with complete digital shopping with electric home test rides, doorstep delivery and after-sales service. The company, however, saw its share of hiccups with production delays in the initial stages, which also pushed the delivery dates. The company recently opened its final purchase window for the customers who had booked the scooter last year.
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