Ola Electric, an India-based electric vehicle (EV) company, has on Thursday announced the successful closure of INR 3,200 Crores ($384.4 million) funding as a part of its equity and debt round raised from Temasek led marquee investors and project debt from State Bank of India respectively.
Ola Electric said in a statement that the funds raised would be utilized towards expansion of Ola’s EV business and setting up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
“At Ola Electric, 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,” said Bhavish Aggarwal, Founder and Chief Executive Officer of Ola Electric.
It is noted that Ola Electric was selected by the government as the only Indian EV company under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh.
As for the lithium-ion cell manufacturing facility, the initial capacity will be 5 GWh in phase I, and will be further scaled up in phases to 100 GWh at full capacity.
It is noted that Ola Electric has rapidly emerged as the frontrunner in the electric vehicle revolution in India.
With a vision to make India the epicenter of technology, the firm has made substantial investments to diversify its portfolio with pioneering innovation in cell technology.
step closer towards energy independence.
It is also noted that Ola Electric recently expanded its scooter portfolio to five products with prices ranging from INR 89,999-1,47,499.
Unveiled as part of Ola’s annual flagship event last month, S1 Pro, S1 Air, S1X+, S1X (3kWh), and S1X (2kWh) are built on a newer and advanced Gen-2 platform, making them one of the best EV propositions across price points currently available in the market.
Ola Electric has also introduced its motorcycle line-up scheduled to be launched by the end of next year.
Tailored to meet diverse consumer preferences, the line-up includes four models – Diamondhead, Adventure, Roadster, and Cruiser.