Electric VehicleIndia

India: Ola Electric raises over $200Mn at $3Bn valuation

Ola Electric announced that it has raised over US$200Mn led by Falcon Edge, Softbank, and others, at a valuation of US$3Bn.

Ola will accelerate the development of other vehicle platforms including electric motorbikes, mass-market scooters, and its electric car. Today’s announcement will further strengthen Ola’s “Mission Electric” – which urges the industry and consumers to commit to electric and ensure that no petrol two-wheelers should be sold in India after 2025.

The fundraise comes at a time when Ola has already set the benchmark in two-wheeler sales by selling over US$150Mn of scooters in its first purchase window – outselling the entire two-wheeler industry on each of the two days.

Speaking on the occasion, Bhavish Aggarwal, Founder, and CEO, Ola, said “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.”

Ola Electric has built its Futurefactory, the largest, most advanced 2W factory in the world that has completed phase 1 construction and is currently undergoing production trials. Ola built the factory in a record time of just 6 months. Ola Futurefactory is also the world’s largest factory that is entirely run by women. At full scale, it will have over 10,000 women employed.

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