Advertisement

Ola Electric raises over $200 mn led by Falcon Edge, Softbank at $3 bn valuation

10:14 PM Sep 30, 2021 | FPJ Web Desk

Ola Electric, EV manufacturer, today announced that it has raised over $200 million led by Falcon Edge, Softbank and others, at a valuation of $3 billion.

Ola will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car.

Advertisement
Advertisement

Wednesday's (September 30) 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, it said in a press release.

Advertisement

The fundraise comes at a time when Ola has already set the benchmark in two wheeler sales by selling over $150 million 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

(To view our epaper please Read Now. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Advertisement