Ola Electric raises USD 200 m at a valuation of USD 5b, Auto News, ET Auto
New Delhi:Ola Electric, India’s leading manufacturer of EVs, on Monday announced that it has raised over USD 200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest round values the company at USD 5 billion, the company said in a release.
Over the past 12 months Ola Electric has built the Futurefactory, the world’s largest two-wheeler manufacturing facility, and launched Ola S1 electric scooter with an entirely new and disruptive direct to consumer marketing model with fully digital purchase coupled with home test rides and doorstep delivery and after sales service, the company said.
Bhavish Aggarwal, founder and CEO, Ola, said “Ola Electric is creating India’s EV revolution and is driving cutting edge manufacturing from India for the entire world. With Ola S1, we’ve changed the entire scooter industry and are now looking forward to bringing our innovative products to more two-wheeler categories including bikes as well as cars. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world.”
According to the company, Ola Futurefactory which will employ over 10,000 women at full capacity, will be the world’s largest women only factory and the only all-women automotive manufacturing facility globally.