Ola Electric Looking To Raise Funds Worth $1 Billion

Ola Electric is looking to raise funds worth $1 billion from strategic and financial investors, according to a report from Hindustan Times.

By Carandbike Team

1 mins read

Published on August 27, 2021

Highlights

Ola Electric is looking to raise $1 billion worth of funds
Ola Electric launched the S1 and S1 Pro on August 15, 2021
Bookings for the Ola electric scooter began in July 2021

Ola Electric is looking to raise funds worth $1 billion from strategic and financial investors, according to a report from Hindustan Times. The company is looking to raise funds from strategic and financial investors and have hired investment bank, JP Morgan for the said purpose. Team carandbike did reach out to Ola Electric and the news was termed speculative. It was just last month, that Ola Electric raised $100 million in long term debt for a period of 10 years from the Bank of Baroda to close the first phase of development of its Futurefactory that will be manufacturing electric two-wheelers. Also Read: Ola Electric Raises $100 Million From Bank Of Baroda (A look at the specifications of the Ola S1 and S1 Pro) The company recently launched its first ever model, the S1 and the S1 Pro electric scooters, with prices starting at Rs. 99,999. The top-spec Ola S1 Pro variant has been priced at Rs. 129,999 (Ex-showroom). Both variants differ in performance, range, number of riding modes, and number of colours, although the basic design is the same. The S1 Pro gets additional features over the base S1 variant like Voice Control, Hill Hold and Cruise Control. Also Read: Ola S1 Electric Scooter Variants Explained (Bhavish Aggarwal with Ola electric scooter) The S1 Pro also has quicker acceleration, more range, and higher top speed. The Ola S1 offers a top speed of 90 kmph with 121 km range and two riding modes, Normal and Sports. The top-spec Ola S1 Pro comes with claimed top speed of 115 kmph with 181 km range, and three riding modes, Normal, Sports and Hyper. In July 2021 itself, Temasek and Warburg Pincus announced investing $500 million in Ola. The co-founder and chief executive officer (CEO) Bhavish Aggarwal participated in the new investment round as well. The ride-hailing startup which has SoftBank as its major investor, has bagged this investment almost two years after its series J financing round. Ola is also looking to go public and to file an IPO soon. Source: Hindustan Times