Ola Electric raises $200 million at a valuation of $5 billion

Ola Electric raises $200 million at a valuation of $5 billion

Bengaluru, January 24, 2022

Ola Electric, one of India's leading manufacturer of EVs, today announced it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others.

The latest round values Ola Electric at $5 billion, a press release from the company said.

Over the last 12 months Ola Electric has built the Futurefactory, the world’s largest 2W manufacturing facility, the Ola S1 scooter and an entirely new and disruptive direct to consumer model with fully digital purchase coupled with home test rides and doorstep delivery and after sales service.

Bhavish Aggarwal, founder & 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, the best scooter ever made, 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.”

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.

"Ola Electric is accelerating the world's transition to sustainable mobility by replacing the archaic systems with vehicles which are smart, affordable, and good for the planet," the release added.

Ola is India’s largest mobility platform and one of the world’s largest ride-hailing companies.

NNN

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