[Funding Alert] Ola Electric raises $200M at a valuation of $5B
Bhavish Aggarwal foundedis now valued at $5 billion after the electric two-wheeler manufacturer raised $200 million from Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, among others.
Speaking on the development, Bhavish Aggarwal, Founder and CEO, Ola Electric, 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.”
Last December, the EV maker had raised $500 million through a Term Loan B (TLB) from marquee institutional investors, which received a staggering response from investors, with interest and commitment of about $1.5 billion.
Over the last 12 months, Ola Electric has built the Futurefactory — the world’s largest two-wheeler manufacturing facility — and Ola S1 scooters, a disruptive Direct-to-Consumer model with fully digital purchase, coupled with home test rides, doorstep delivery, and after-sales service.
The Tamil Nadu-based Futurefactory, which can employ over 10,000 women at full capacity, is said to be the world’s largest women-only factory and the only all-women automotive manufacturing facility globally.
Today, Ola continues to move the world to sustainable mobility through its ride-hailing platform and advanced electric vehicles manufactured at its Futurefactory, dedicated to transitioning the world to sustainable mobility and making the world better than we found it.
Edited by Suman Singh