Ola Electric Secures INR 3,200 Crores For EV Expansion And Gigafactory

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Leading India’s electrification, Ola Electric plans to boost its 2W production, introduce electric motorcycles and cars, and expedite Gigafactory construction, the company stated.

Ola Electric secured INR 3,200 crore in funding from a Temasek-led investor group and the State Bank of India. This funding will support Ola’s EV expansion and the creation of India’s inaugural lithium-ion cell facility in Krishnagiri, Tamil Nadu.

Ola Electric is focused on leading India’s electrification. As mentioned in its press release, the company plans to enhance its 2W production, debut electric motorcycles and cars, and expedite the Gigafactory’s construction.

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Bhavish Aggarwal, Ola Electric’s Founder & CEO, emphasized Ola’s commitment to ending the ICE era in automobiles. The upcoming Gigafactory will significantly aid India’s evolution into a global EV powerhouse. He expressed gratitude to investors and lenders for their unwavering support.

The government chose Ola Electric for its cell PLI scheme, granting it a 20 GWh capacity. The ACC PLI initiative will help India achieve self-reliance in the EV sector. Ola’s lithium-ion cell facility in Krishnagiri will start with a 5 GWh capacity in its first phase, eventually expanding to 100 GWh.

Ola is at the forefront of India’s EV transformation. They’ve invested heavily in cell technology and aim to operationalize the Krishnagiri Gigafactory by next year. This facility will produce cells locally on a large scale, pushing India towards energy autonomy.

The company recently added five scooters to its range, priced between INR 89,999 and 1,47,499. These scooters unveiled at Ola’s annual event, are based on an advanced Gen-2 platform. Additionally, Ola will launch a motorcycle range by next year’s end, featuring four models: Diamondhead, Adventure, Roadster, and Cruiser.

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