Important Takeaways
- Temasek, headquartered in Singapore, led the round.
- Project debt provided by the State Bank of India (SBI).
- Ola Electric will build India’s first lithium-ion (Li-ion) cell manufacturing factory.
Edits:
No edit has been made to this article since it was first published.
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Bengaluru-headquartered Ola Electric announced a new fund raise. Led by Temasek, this round saw participation from other investors and project debt by the State Bank of India (SBI).
The raised fund will fuel the group’s electric vehicle (EV) business growth. It will also be utilised to build India’s first-ever lithium-ion (Li-ion) cell manufacturing facility in Tamil Nadu.
Bhavish Aggarwal, Founder & CEO of Ola Electric, adds, “At Ola, our vision is to end the ICE age in automobiles and our upcoming Gigafactory will be a big leap in India’s journey towards becoming a global EV hub.”
Recently, Bhavish Aggarwal took to X (formerly Twitter) to announce Ola Electric’s growing sales during the festive season.
He tweets, “Our sales have gone through the roof this Dussehra and Navratri! Selling a scooter every 10 seconds right now, and almost 2.5x of last year!”
The total funding raised by the company has crossed $1 bn, and its valuation is $5.4 bn.
In the two-wheeler electric vehicle (EV) segment, Ola Electric competes with Ather Energy, Hero Electric, and Ampere amongst others.
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Date & time of posting: 27 October 2023, 02:00 PM IST
Posted by: Matter5 News Team
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