New Delhi: Electric vehicle (EV) maker Ola Electric on Thursday announced that it has raised over $200 million at a valuation of $3 billion, led by Falcon Edge, SoftBank and others.
Ola said it will accelerate the development of other vehicle platforms including electric motorbikes, mass market scooters and its electric cars.
Bhavish Aggarwal, Founder and CEO, Ola, said, “We are proud to lead the EV revolution in the world from India. India has the talent and capability to build future technologies for future industries across the world.” .
The funding comes at a time when Ola has set a benchmark in two-wheeler sales by selling more than $150 million of scooters in its first purchase window – claiming to outsmart the entire two-wheeler industry every two days.
Ola Electric has built its FutureFactory, a most advanced 2W factory, which has completed Phase 1 construction and is currently undergoing production trials.
Ola Futurefactory is also the world’s largest factory which is run entirely by women. On a full scale, it will employ more than 10,000 women.
“India is building the technologies of the future and becoming a global EV hub! With this growth, we will accelerate our vehicle development in 2W scooters, motorbikes and 4W and fast track Mission Electric: in India after 2025 No 2W petrol!” Agarwal tweeted.
The firm announced in July that its electric scooter received a record-breaking 100,000 reservations within the first 24 hours, making it the most pre-booked scooter in the world.
The price of Ola S1 is Rs 99,999; For S1 Pro, customers will have to pay Rs 1,29,999 (ex-showroom). These prices include FAME II subsidies, but do not include state subsidies. Read also: Found an old 50 paise coin? Earn 1 lakh rupees by selling online, check process
The company said it will be priced aggressively to make the e-scooter widely accessible. They will start next month at the company’s state-of-the-art Futurefactory in Tamil Nadu. Read also: Aadhaar card update: Here’s how to update your name, mobile number in regional language
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