Ola Electric, India’s leading electric vehicles manufacturer, announced that it has raised over $200 million in a funding round, led by Falcon Edge, Softbank and others. The latest funding round took the company’s valuation to $3 billion, reported Mint.
The startup aims to accelerate the development of other vehicle platforms, including electric motorbikes, mass-market scooters, and electric cars. The company stated the announcement will further strengthen Ola’s “Mission Electric” — which urges the industry and consumers to commit to EVs, and ensure that no petrol two-wheelers should be sold in India after 2025.
Set up in 2017 to run e-taxis, Ola Electric diversified into manufacturing EVs after the Covid-19 pandemic crippled the company’s ride-hailing business. In February, the company launched the Ola Futurefactory—touted as the world’s biggest electric two-wheeler plant—near Krishnagiri in Tamil Nadu. Ola is also getting into the used car business, even as its taxi vertical is showing signs of a revival.
“I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future. We are 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,” Ola founder and CEO Bhavish Aggarwal said.
Ola claims it has sold electric scooters worth over ₹1,100 crore in just two days earlier this month. The Ola S1 electric scooter is priced at ₹1 lakh while the more capable S1 Pro is priced at ₹1.30 lakh.
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