Ola Electric Raises Rs 3,200 Crore To Scale Up EV Business

Ola Electric has successfully secured Rs 3,200 crore in funding from prominent investors led by Temasek and through project debt from the State Bank of India. These funds will be allocated to the expansion of Ola's EV business and the establishment of India's inaugural lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola Electric secures Rs 3,200 crore funding from Temasek and SBI

Ola Electric has plans to expedite its growth. This includes increasing its 2-wheeler manufacturing capacity, introducing electric motorcycles, and fast-tracking the construction of a gigafactory. Furthermore, Ola Electric was chosen as the sole Indian EV company to benefit from the government's cell PLI scheme, entitling it to a maximum capacity of 20 GWh (gigawatt hours). This scheme is pivotal in making India self-sufficient in key aspects of the EV value chain.

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The company is in the process of establishing a lithium-ion cell manufacturing facility

The company is in the process of establishing a lithium-ion cell manufacturing facility near Ola's Futurefactory in Krishnagiri, Tamil Nadu. This facility, unique in India, will initially have a capacity of 5 GWh in its first phase, with plans for further expansion to reach 100 GWh at full capacity. Anticipated to commence operations early next year, the upcoming Gigafactory in Krishnagiri will enable the local production of cells on a large scale, bringing India a step closer to energy independence.

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Ola Electric's scooter portfolio currently includes five models

Recently, Ola Electric expanded its scooter portfolio to five products with prices ranging from INR 90,000 to 1.47 lakh. These models, namely S1 Pro, S1 Air, S1X+, S1X (3kWh), and S1X (2kWh), are based on a new and advanced Gen-2 platform and were unveiled during Ola's annual flagship event last month.

Also Read: Ola Electric Showcases Four New Electric Motorcycle Concepts

Ola Electric previously introduced a lineup of motorcycle concepts

Additionally, Ola Electric previously introduced a lineup of motorcycle concepts scheduled for launch by the end of next year. These models, including Diamondhead, Adventure, Roadster, and Cruiser, have been tailored to cater to a variety of consumer preferences.