Ola Electric Raises Rs. 3200 Crores

Ola Electric plans to build a cell manufacturing factory and expand its electric two-wheeler business

Ola Electric on Thursday said it has raised Rs 3,200 crore from Temasek-led investors and State Bank of India. The company announced the successful closure of the funding round from Temasek-led investors and State Bank of India.

Ola Electric has been consistently introducing new products to meet the demand for eco-friendly transportation solutions. One of its latest additions to the electric scooter lineup, the S1X which is priced from Rs. 89,999/- (ex-showroom).

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It is worth noting that the valuation of Ola Electric in this round settled at $5.4 billion, a figure lower than the $7-8 billion initially sought by the company.

However, this funding round provides Ola Electric with a significant financial boost, bolstering its position as it prepares for an eagerly awaited initial public offering (IPO), tentatively set for early 2024.

The company is in the process of establishing a lithium-ion cell manufacturing facility in India, which, in its initial phase, will have a capacity of 5 gigawatt-hours (GWh). Over time, the facility will undergo scaling to achieve a full capacity of 100 GWh.

The funds raised would be utilised towards expansion of Ola’s EV business and setting up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Bhavish Aggarwal, founder and CEO of Ola Electric, said: “At Ola, our vision is to end the ICE age in automobiles and our upcoming Gigafactory will be a big leap in India’s journey towards becoming a global EV hub.”

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