India’s leading EV manufacturer Ola Electric announced that it has raised more than $200 million in new funding funds, giving the business a valuation of $3 billion.
According to Ola, the fund will be used to accelerate the development of multiple types of electronic vehicles including e-motorbikes, scooters and e-cars. This development is all part of the company’s “Mission Electric” plan, which hopes that no petrol two-wheelers should be sold in India after 2025.
Ola also emphasized that the timing of this fundraising came just when the company set a “benchmark” in the two-wheeler market, having managed to sell “over $150 million of scooters” making it the industry leader.
Bhavish Aggarwal, the founder and CEO of Ola, says: “We’re proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world.”
Besides, according to the company, Ola Electric has completed the first phase of construction of its “Futurefactory”, which is “the largest and most advanced” two-wheeler factory in the world. The facility is currently under production trials but there are no solid dates on when it will become operational.
However, once it does, Ola is promising that the new factory will be “entirely run by women” and expects to employ more than 10,000 women at full scale.
Ola is India’s largest mobility platform and has branched out into electric mobility with its subsidiary Ola Electric. The business of the enterprise includes ride-hailing, electric vehicle manufacturing and auto retailing, with the services cover 1 billion people across 3 continents.