Home Business Ola Electric Raises $200 Million In Funding At A Valuation Of $5 Billion

Ola Electric Raises $200 Million In Funding At A Valuation Of $5 Billion

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New Delhi: Experience-hailing platform Ola Electrical on Monday mentioned it has raised over $200 million (about Rs 1,490.5 crore) from Tekne Personal Ventures, Alpine Alternative Fund, Edelweiss, and others, valuing the electrical car maker at $5 billion, in accordance with PTI.

In September final 12 months, Ola Electrical had introduced elevating an identical quantity in funding from Falcon Edge, Softbank and others that had valued the corporate at $3 billion (about Rs 22,272 crore).

“Ola Electrical is creating India’s EV revolution and is driving innovative manufacturing from India for the whole world. With Ola S1, the perfect scooter ever made, we’ve modified the whole scooter trade and are actually wanting ahead to bringing our modern merchandise to extra two-wheeler classes, together with bikes in addition to automobiles. I thank the buyers for his or her help and stay up for partnering with them to take the electrical car (EV) revolution from India to the world,” Ola co-founder and CEO Bhavish Aggarwal mentioned in an announcement.

Over the previous 12 months, Ola Electrical has constructed its ‘Futurefactory’, which it claims is the world’s largest two-wheeler manufacturing facility, and launched its electrical scooter Ola S1. Ola’s facility will make use of over 10,000 ladies at full capability and would be the largest women-only manufacturing unit globally.

Prior to now, Ola Electrical has raised funding from varied buyers, together with Tiger World and Matrix India. In July final 12 months, Ola Electrical had introduced signing a $100 million (about Rs 744.5 crore) 10 year-term debt financing settlement with the Financial institution of Baroda.

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