Ola electric secures 200 million US Dollars in funding
Ola Electric revealed on Monday that it has secured over 200 million US Dollars in funding from investors including Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others. The current round of funding puts the company's worth at 5 billion US Dollars.
Ola had already announced another $200 million in fundraising from Falcon Edge, Softbank, and others in September of last year. Ola Electric was valued at roughly 3 billion dollars at the time. Other investors, such as Tiger Global and Matrix India, have already invested in Ola Electric.
Ola's 'Futurefactory,' which aspires to be the world's largest two-wheeler manufacturing plant, is expected to benefit from the investment. At full capacity, the Ola Futurefactory will employ over 10,000 women, making it the world's largest women-only factory and the world's only all-women automobile production plant.
Speaking on the development, 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 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 Ola S1 electric scooter costs Rs 1 lakh, while the S1 Pro costs Rs 1.30 lakh.
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