Thanks to the announcement of its electric scooters S1 and S1 Pro, Ola Electric has become one of the biggest names in the Indian EV market. Thus, it’s no surprise that the firm has been growing exponentally, adding millions to its name every month. Now, the company has announced that it raised $200 million in its latest financing round from SoftBank, Falcon Edge, and others.
After the financing round, Ola Electric’s valuation has come to $3 billion.
According to the EV arm of the ride-hailing giant, the proceeds from the round will strengthen Ola’s aim to remove petrol two-wheelers from the Indian landscape after 2025. Ola Electric will also accelerate the development of its vehicle platforms such as electric motorcycles, mass-market scooters, and electric cars.
“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. Together we will bring mobility to a billion and sustainability to the future,” said Ola Electric founder Bhavish Aggarwal.
The four-year-old Ola Electric is already setting up what is touted to be the world’s largest manufacturing factory for electric scooters near Krishnagiri in Tamil Nadu, and the factory is said to have the capacity to produce roughly one electric scooter every two seconds. Ola Electric has already raised capital from investors five times since its arrival into the arena, and its electric scooters made a spectacular debut in August – Ola Electric said it had sold scooters worth $150 million in just two days, and claimed to sell four scooters every second in the first 24 hours.
“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. Together we will bring mobility to a billion and sustainability to the future,” Aggarwal added.
