Ola Electric closes $200 million financing round
The Indian electric vehicle manufacturer Ola Electric has closed another financing round of 200 million US dollars and is now valued at a total of 5 billion US dollars.
Ola Electric had already raised 200 million US dollars from investors in autumn 2021. In the past twelve months, Ola Electric has built up its so-called Futurefactory for up to 2 million electric scooters per year and presented its new S1 electric scooter, which is also intended for export. In addition, Ola Electric is planning an exclusive charging network for its electric scooters.
“Ola Electric is creating India’s EV revolution and is driving cutting edge manufacturing from India for the entire world,” said Ola co-founder and CEO Bhavish Aggarwal, adding: “I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world.”
Ola is known in India as a major Uber competitor, who has steadily been expanding their electric vehicle services since announcing a fleet of electric rickshaws in 2018. The following year, Ola Electric managed to attract investment through subsidies at home, as well as investors abroad. To note their progress, Ola passed the $1 billion value mark in 2019.