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

EV manufacturer Ola Electric has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest round values the company at $5 billion. 

Speaking on the development, Bhavish Aggarwal, Founder and 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.” 

Sustainable mobility

Ola Futurefactory plans to employ over 10,000 women at full capacity. Ola Electric aims to accelerate the world’s transition to sustainable mobility by replacing archaic systems with vehicles that are smart, affordable, and good for the planet.

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In December 2021, Ola Electric has raised ₹398 crore from Temasek along with the participation of Edelweiss, IIFL, VSS Investco, and Bollywood actors such as Zoya Akhtar, Farhan Akhtar, and film producer Ritesh Sidhwani among others, according to the company’s regulatory filings. 

In September 2021, Ola Electric raised over $200 million from Falcon Edge, Softbank and other investors, at a valuation of $3 billion. 

Ola Electric has recently announced that its EV charging station, Ola Hyperchargers, will be free for use till June 2022 for all customers. Hypercharger rollout is said to have started across cities and the company will set up over 4,000 charging points though next year. The charging points are expected to become operational in 6-8 weeks. 

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