Ola Electric, India’s largest EV company, today announced the successful closure of Rs 3,200 crore funding as a part of its equity and debt round raised from Temasek-led marque investors and project debt from State Bank of India respectively.

The funds raised would be utilised for the expansion of its EV business and setting up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola Electric aims to accelerate its growth by ramping up its 2W manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of Gigafactory, the press release noted. 

Bhavish Aggarwal, Founder and CEO, Ola Electric, said: “At Ola, our vision is to end ICE age in automobiles and our upcoming Gigafactory will be a big leap in India’s journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility. Our investors and lenders have shown deep faith in Ola’s vision, and we thank them for the constant support and encouragement.”

Ola Electric was also selected by the government as the only Indian EV company under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh. The ACC PLI scheme will be instrumental in making India self-reliant and localising the most critical aspects of the EV value chain. Ola is setting up a lithium-ion cell manufacturing facility near Ola’s Futurefactory in Krishnagiri, Tamil Nadu. This is a first of its kind lithium-ion cell manufacturing facility in India with an initial capacity of 5 GWh in phase I which will be further scaled up in phases to 100 GWh at full capacity.