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Sunday, December 05, 2021

Ola Electric raises $200 mn to be valued at $3 bn; eyes scale up

Ola said with the fresh fund infusion it would accelerate development of other vehicle platforms, such as electric motorbike, mass market scooter, and electric car.

By: ENS Economic Bureau | New Delhi |
Updated: October 1, 2021 12:56:06 am
File image of the Ola S series. (Image Source: Twitter)

Ola Electric’s valuation touched $3 billion (about Rs 22,272 crore) on Thursday after it announced that it has raised over $200 million (about Rs 1,484.7 crore) from Falcon Edge, SoftBank and others.

Ola said with the fresh fund infusion it would accelerate development of other vehicle platforms, such as electric motorbike, mass market scooter, and electric car.

In July, Ola Electric had announced signing a $100-million (about Rs 744.5 crore) 10 year-term debt financing agreement with Bank of Baroda. In the past, Ola Electric has raised funding from investors, including Tiger Global and Matrix India.

Last month, Ola said sales of its S1 e-scooters crossed Rs 1,100 crore in 2 days. The funding will strengthen Ola’s ‘mission electric’ that urges industry and consumers to commit to electric and ensure that no petrol two-wheelers be sold in India after 2025, it added.

Meanwhile, Meesho said it has raised $570 million in funding, led by Fidelity Management & Research Company and B Capital Group, as per a PTI report.

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