Ola Electric, India’s EV manufacturer, has announced that it has raised over US$200 million led by Falcon Edge, Softbank and others, at a valuation of US$3 billion.
A statement said, “Ola will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car. The announcement will further strengthen Ola’s “Mission Electric” – which urges the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025.”
“The fundraise comes at a time when Ola has already set the benchmark in two wheeler sales by selling over US$150Mn of scooters in its first purchase window – outselling the entire two wheeler industry on each of the two days,” it added.
Speaking on the occasion, Bhavish Aggarwal, Founder and CEO, Ola, said, “We’re proud to lead the EV revolution from India to the world. 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 has built its Futurefactory, a 2W factory that has completed phase 1 construction and is currently undergoing production trials. Ola built the factory in 6 months.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.