Bhavish Aggarwal-led Ola Electric, which recently launched its electric scooters, has raised $200 million or Rs 1,492 crore in a new funding round led by Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, among others. With this, Ola's EV vertical is now valued at $5 billion.
Prior to this, Ola Electric was valued at $3 billion when it raised $200 million in funding in September last year from Alpha Wave Global (formerly Falcon Edge), Japan-based Softbank, among others.
Earlier in July 2021, Ola Electric had raised $100 million in debt to finance the closure of Phase 1 of Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers. “Ola Electric is creating India’s EV revolution and is driving cutting-edge manufacturing from India for the entire world," Bhavish Aggarwal, Founder & CEO of Ola Electric, said.
"With Ola S1, the best scooter ever made, we’ve changed the entire scooter industry and are now looking forward to bringing our innovative products to more two-wheeler categories, including bikes as well as cars. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world," Bhavish adds.
The funding announcement follows the launch of its two electric scooters -- Ola S1 and Ola S1 Pro -- priced at Rs 99,999 and Rs 1,29,999 respectively. The company claims its Ola S1 Pro variant can go up to a maximum speed of 115km/hr while the Ola S1 variant could go up to 90km/hr speed.
The company also said it had sold electric scooters worth $150 million within two days of its official launch. However, the company has been facing customers’ wrath over delays in delivery of its electric scooter Ola S1 and Ola S1 Pro.
According to the company's statement, Ola Electric will utilize the raised funding to accelerate the development of other vehicle platforms, including electric motorbikes, mass-market scooters, and its electric car.
Over the last 12 months, Ola Electric has built the Futurefactory — the world’s largest two-wheeler manufacturing facility — and Ola S1 scooters, a disruptive Direct-to-Consumer model with fully digital purchase, coupled with home test rides, doorstep delivery, and after-sales service.
The Tamil Nadu-based Futurefactory, which can employ over 10,000 women at full capacity, is said to be the world’s largest women-only factory and the only all-women automotive manufacturing facility globally.
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