Ola Electric now valued at $3B

Ola's electric vehicle (EV) division, Ola Electric, raised over $200 million led by Falcon Edge, SoftBank, and others, at a valuation of $3 billion.

Friday October 01, 2021 , 4 min Read

Good Morning,

Ola's electric vehicle (EV) division, Ola Electric, raised over $200 million led by Falcon Edge, SoftBank, and others, at a valuation of $3 billion.

The EV unicorn aims to accelerate the development of other vehicle platforms, including electric motorbikes, mass-market scooters, and electric cars.

This announcement will further strengthen Ola’s “Mission Electric”, which urges the industry and consumers to commit to EVs and ensure that no petrol two-wheelers should be sold in India after 2025, the company said.

The fund raise comes at a time when Ola has already set the benchmark in two-wheeler EV sales by selling over $150 million worth of scooters in its first purchase window — outselling the entire two-wheeler industry on each of the two days.

It had opened the pre-launch bookings of its electric scooters — S1 and S1 Pro — in July for Rs 499, and received 1 lakh orders in just 24 hours.

Ola Electric has built its Futurefactory, the largest and one of the most advanced two-wheeler factories in the world that completed its Phase I construction and is currently undergoing production trials.

In fact, Ola Futurefactory is also the world’s largest factory entirely run by women. At full scale, it will have over 10,000 women employed.

The Interview

In this exclusive conversation with YourStory, Deepali Naair, Director Marketing - India and South Asia-IBM, says, to excel as a marketer, it is critical to learn the ‘AAA’ formula of success, which stands for - Agility, Authenticity, and Adaptability to change.

Deepali also shares how the company has continued to remain at the centre of change by keeping up with the times and technological innovations.

Editor’s Pick: App Friday

The COVID-19 pandemic has been harrowing for many businesses across India. But the volatile stock market is firing on all cylinders. After the initial slump, many bored at-home investors realised the market potential and started investing in the equity market.

Investment app Dhan is also targeting a similar consumer base. Launched by former Paytm Money CEO Pravin Jadhav, Dhan is a platform for trading and investing in the stock market. Run by Jadhav’s Raise Financial, Dhan’s focus is on long-term investors and traders. Read more.

Startup Spotlight

Cashback and rewards startup wants to ‘nudge’ 400M online shoppers

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In October 2020, they launched HappyCredit for first-time online shoppers from Bharat. The Bengaluru-based startup runs an app-based cashback system that rewards users on their ecommerce purchases on 50+ merchant platforms. Read more.

News & Updates

Bengaluru-based 10Club has announced its second acquisition — sports and fitness equipment brand Skudgear — and marked an entry into the sports category. Prior to this, 10Club announced the acquisition of baby products selling brand My Newborn.

Eagle Eye Networks acquired AI surveillance startup Uncanny Vision, a 2018 YourStory Tech30 startup. The deal brings advanced AI technology to Eagle Eye’s cloud video surveillance platform and includes R&D capabilities, engineering talent, and a new regional office in India.