Fresh round of fund raising by Ola Electric

Ola Electric announced that it has raised over $200 million (Rs 1,480 crore) from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest round values the company at $5 billion (Rs 37,005 crore). 

Bhavish Aggarwal, founder and CEO, Ola said “I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world.” 

Over the last 12 months Ola Electric has built the Futurefactory, Ola S1 scooter and a direct-to-consumer model with fully digital purchase coupled with home test rides and doorstep delivery and after sales service. However, deliveries of the bike continue to be a point of concern for many customers. 

The company claims that the Ola Futurefactory which will employ over 10,000 women at full capacity, will be the world’s largest women-only automotive manufacturing facility globally.