New Delhi: Ola Electric has raised over $200 million at a valuation of $3 billion from SoftBank Group, Falcon Edge and others ahead of its plan to launch an IPO.
With the new fund, Ola Electric will develop vehicle platforms including electric motorbikes, mass market scooters and its electric cars, the Indian ride-hailing company said in a statement on Thursday.
It was earlier reported that Ola is planning to raise up to $1 billion through an initial public offering.
Ola is already offering ride on electric scooters – S1 and S1 Pro – and three-wheelers made by other manufacturers on its platform. It has also set up battery-swapping stations in several cities in India.
The company claims to have sold electric scooters worth over Rs 1,100 crore in just two days in September. The Ola S1 electric scooter is priced at Rs 1 lakh while the S1 Pro is priced at Rs 1.3 lakh.
“Today’s announcement will further strengthen Ola’s “Mission Electric” – which urges industry and consumers to commit to electric and ensure that no petrol two-wheeler in India after 2025 should not be sold.
According to a Reuters report, India currently sells 23 million cars, scooters and motorcycles a year, and electric vehicles make up only a fraction of this.
Founded in 2010 by Bhavish Agarwal, Ola has the majority of the ride-hailing market in India.
“We are proud to lead the EV revolution in the world from India. India has the talent and ability to build futuristic technologies for future industries for the entire world,” Ola founder and CEO said in the statement.
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