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Electric vehicles unicorn, Ola Electric, has raised over $200 million from Falcon Edge, SoftBank and others investors, at a valuation of $3 billion.
With this funding, Ola will accelerate the development of other vehicle platforms, including electric motorbikes, mass market scooters and its electric car.
Mission Electric
The fresh funds are said to further strengthen Ola’s “Mission Electric” which urges the industry and consumers to commit to electric vehicles and ensure that no petrol two-wheelers be sold in India after 2025.
Bhavish Aggarwal, Chairman and Group CEO, Ola, said, “We’re proud to lead the EV revolution from India to the world. India has the talent and the capability to build the technologies of the future for the industries of the future.”
In its recently closed purchase window, Ola sold over $150 million electric scooters in the span of two days.
Ola Futurefactory
Ola Electric has committed to employing 10,000 women at the company’s manufacturing facility Ola Futurefactory and plans to make it entirely women-run. Located in Hosur, Tamil Nadu, Ola Futurefactory is a 500-acre manufacturing unit set up for the production of Ola’s two wheeler EVs. The manufacturing facility is said to have the capacity to produce 10 million electric scooters per year.
Along with the manufacturing plans, Ola Electric also plans to set up a charging network called Ola Hypercharger Network. It would have more than 1,00,000 charging points across 400 cities. However, these charging points will only be accessible to Ola e-scooters. Led by the rise in fuel prices and revised FAME II incentives, two-wheeler EV companies have recorded tremendous growth this year.
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