Ola Electric To Raise $300 Million For Its Expansion: Report
- These funds will help the company to expand its operations in India
- Funds would be raised from existing marquee global investors and sovereign funds
- It aims to enter four-wheeler EV-segment in future
Electric vehicle manufacturer Ola Electric is reportedly nearly raising around $300 million (Rs. 2,467 crore). The company aims to use these funds to help expand its operations in India, and to meet other corporate needs. Ola Electric became the largest electric two-wheeler manufacturer in India within a year of beginning deliveries of its scooters – Ola S1 and Ola s1 Pro.
Also Read: Ola S1 Recalled To ‘Upgrade’ Front Suspension
The company has been building on its plan to develop technologies like cell manufacturing
The fundraising would be managed by the investment bank Goldman Sachs, and the fund would be raised from existing Marquee global investors and sovereign funds. The company has been building on its plan to develop technologies like cell manufacturing and is looking to expand its production across segments of two-wheelers and four-wheelers.
Also Read: Explainer-What Are E-Fuels, And Can They Help Make Cars CO2-Free?
Ola Electric currently offers three variants of the S1 e-scooter - the S1 Air, S1 and S1 Pro. The company plans to expand its product portfolio with the introduction of new two-wheelers. It also aims to enter the four-wheeler EV segment in the future. Ola Electric is setting up what is said to be the world’s largest EV hub in Krishnagiri, Tamil Nadu. It will house a 4-wheeler factory, cell manufacturing and supplier ecosystem.
With Inputs Of PTI.
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