Ola Electric Raises A Fresh Investment Of $200 Million, Raises Valuation To $5 Billion

Ola Electric has announced a fresh investment of $200 million (approx. Rs. 1490 crore) from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The company says the fresh round of funding values the company at $5 billion. The electric two-wheeler had previously raised a similar amount from Falcon Edge, Softbank and others in September last year. At the time, the company was valued at $3 billion. Over the last couple of months, the company launched its S1 Pro electric scooter in the market, commenced production and deliveries of the same to customers.

Also Read: Ola Electric CEO Announces 'Free Upgrade' For Ola S1 Customers

The 500-acre Ola Electric facility promises to have an all-women workforce of 10,000 when operations begin in full swing

Speaking on the development, Bhavish Aggarwal, Founder & CEO, Ola said "Ola Electric is creating India's EV revolution and is driving cutting edge manufacturing from India for the entire world. 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."

Ola Electric's Futurefactory in Tamil Nadu promises to be the world's largest e-scooter factory with an installed production capacity of 10 million scooters per annum. The facility will employ over 10,000 women at full capacity and will also be the world's largest women-only automotive manufacturing facility.

Also Read: Reliance, Ola Electric, Mahindra Bid For Incentives Under India's $2.4 Billion Battery Scheme

The Ola S1 Pro scooters were recently dispatched to customers pan India

Ola Electric follows a direct to consumer model with fully digital purchase coupled with home test rides, doorstep delivery and after-sales service. The company though saw its share of hiccups in the initial stages with production delays that pushed delivery dates as well. The company recently opened its final purchase window for customers who had reserved the scooter last year.