Ola Electric said today it has raised more than $200 million (about Rs 1,485 crore) from Falcon Edge, SoftBank and others, at a valuation of $3 billion (about Rs 22,272 crore).
The company said the funding will further strengthen its ‘Mission Electric’, which urges industry players and consumers to commit to electric so that no petrol two-wheelers are sold in India after 2025.
Ola will also accelerate the development of other EVs, including a motorbike, a mass-market scooter and an electric car, it said.
Quote: “We’re proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world. I thank our existing investors and welcome new ones to Ola,” said chairman and group CEO Bhavish Aggarwal.
This is Ola Electric’s fifth fundraising round, excluding the $10 million it received from Bank of Baroda last year. Its investors include Hyundai, Tiger Global, Matrix Partners India and Ratan Tata.
Scooter sales: Earlier this month, Ola said that sales of its S1 and S1 Pro electric scooters, which it unveiled in August, crossed Rs 1,100 crore in two days.
Ola has completed phase-1 of its 500-acre EV manufacturing plant in Tamil Nadu. Earlier this month it said the factory will eventually be run by 10,000 women. It said the plant, when completed, would have an annual capacity of one crore vehicles, representing “15% of the world’s total two-wheeler production”.
IPO plans: In late August, we reported that ride-hailing firm Ola was looking at a public float of up to $2 billion and was considering listing the company in India and abroad. Bankers are being finalised for the issue, which could hit the markets later this year or in early 2022. Bloomberg reported, citing sources, that the company could seek a valuation of $8 billion for its IPO.
Original Source: ettech.com
