Ola Electric Mobility Pvt Ltd, the electric vehicle arm of Ola Cabs’ parent ANI Technologies Pvt Ltd, has raised $200 million (nearly Rs 1,500 crore) in a funding round from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others at a valuation of $5 billion (around Rs 37,300 crore) the company said in a statement on Monday.
VCCircle had reported in October that Ola Electric was in final stages of raising $200 million as a part of a fresh raise which could value the startup at over $5 billion
Ola Electric’s latest fundraise comes at a time when the company is gearing up for launching its scooters in global markets. VCCircle had reported in November that the company was eyeing the launch of its S1 and S1 Pro electric scooters in top two-wheeler markets in Europe including France, Germany and Italy.
“The factory (at Krishnagiri, Pochampalli in Tamil Nadu) is an investment we're making, which is not just for this range of scooters (but) for the entire range of scooters and bikes. And this factory will be not just for India, but even for global manufacturing. So, as we go to international markets next year, this factory is going to cater to that as well,” Varun Dubey, Ola Electric’s Chief Marketing Officer, had told VCCircle in an interview.
Ola Electric said that the factory, called as ‘Futurefactory,’ will employe more than 10,000 women at full capacity and claimed that it will be the world’s largest women only factory and the only all-women automotive manufacturing facility globally. The company also claims the factory to be the world’s larfest two-wheeler manufacturing factory.
The EV firm had recently claimed that it completed the first batch of dispatches for its S1 and S1 Pro scooters. The company, in November had pushed back the deliveries of its electric scooters citing global semiconductor shortage.
“Ola Electric is creating India’s EV (electric vehicle) revolution and is driving cutting edge manufacturing from India for the entire world. With Ola S1, 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,” said Bhavish Aggarwal, Founder and Chief Executive Officer, Ola Group.
Ola Electric is now preparing for deliveries of the second batch of its electric scooters and had opened the final payment window last week. Ola Electric has been collecting payments in tranches from customers.
Ola Electric had raised $200 million in a round led by Falcon Edge, SoftBank and others at a valuation of $3 billion.
