The fundraise comes at a time when Ola has already sold over $150 million of its maiden scooters in its first purchase window
Homegrown electric vehicle startup Ola Electric announced that it has raised over USD 200 million led by Falcon Edge, Softbank and others, at a valuation of USD 3 billion.
Ola said in a statement that it will accelerate the development of other vehicle platforms including electric motorbike, mass-market scooter and its electric car.
“Today’s 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,” it added.
The fundraise comes at a time when Ola has already sold over $150 million of its maiden scooters in its first purchase window.
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 the world’s largest two-wheeler manufacturing factory, Futurefactory, that has completed phase 1 construction and is currently undergoing production trials.
In July this year, Ola Electric and Bank of Baroda signed the largest long-term debt financing agreement in Indian EV industry. The 10-year debt of $100 million is towards the funding and financial closure of the Phase 1 of the Ola Futurefactory,
Ola Futurefactory is also the world’s largest factory that is entirely run by women. At full scale, it will have over 10,000 women employed.