Ola Electric on Monday announced it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest round has seen the company’s valuation going up to $5 billion. In September 2021, Ola Electric had raised over $200 million led by Falcon Edge, Softbank and others at a valuation of $3 billion.
In July 2021, Ola Electric and Bank of Baroda signed a 10-year debt of $100 million towards the funding and financial closure of the phase 1 of the Ola Futurefactory.
Over the last 12 months, Ola Electric has built the Futurefactory, the world’s largest electric two-wheeler manufacturing facility in Krishnagiri district in Tamil Nadu.
The company has started producing Ola S1 and an entirely new and disruptive direct-to-consumer model with fully digital purchase coupled with home test rides and doorstep delivery and after sales service.
Bhavish Aggarwal, founder & CEO, Ola, said: “Ola Electric is creating India’s EV revolution and is driving cutting edge manufacturing from India for the entire world. With the Ola S1, the best scooter ever made, we’ve changed the entire scooter industry and are now looking forward to bringing our innovative products to more two-wheeler categories, including bikes as well as cars. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world.”
The EV maker, facing flak for its delayed deliveries, had opened the final payment window on January 21 for those who have already paid `20,000 for the scooters. As part of its aggressive marketing strategy, Ola Electric recently said it will upgrade its S1 customers to S1 Pro hardware, enabling buyers to unlock Pro range, hyper mode and other features with a performance upgrade.
Ola Electric launched its maiden e-scooter on August 15, 2021, in two variants while keeping the entry-level (S1) model attractively below Rs 1 lakh (Rs 99,999) and the more powerful one (S1 Pro) at Rs 1,29,000.
Ola Electric had opened pre-launch bookings of its electric scooters last year in July and it had claimed to have received around one lakh bookings against a nominal amount of `499 within just 24 hours. However, it took four months for Ola Electric to finally start delivering the scooters to its customers after launching the S1 and S1 Pro on August 15. The delivery of the Ola electric scooters was delayed primarily due to the chip shortage crisis.