Home Business Ola Electric Raises $200 Mn Ahead Of IPO Launch, To Develop Bike, Car With New Funds

Ola Electric Raises $200 Mn Ahead Of IPO Launch, To Develop Bike, Car With New Funds

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New Delhi: Ola Electrical has raised greater than $200 million from SoftBank Group, Falcon Edge and others at a valuation of $3 billion forward of its plan to launch IPO.

With the brand new funds, Ola Electrical will develop automobile platforms together with electrical motorcycle, mass market scooter and its electrical automobile, the Indian ride-hailing firm stated in an announcement Thursday.

It was reported earlier that Ola plans to boost as much as $1 billion by way of an preliminary public providing. 

Ola already affords rides on electrical scooters — S1 and S1 Professional — and three-wheelers made by different producers on its platform. It has additionally arrange battery-swapping stations throughout a number of cities in India.

The corporate claims that it has offered electrical scooters value over Rs 1,100 crore in simply two days in September. The Ola S1 electrical scooter prices Rs 1 lakh whereas the S1 Professional is priced at Rs 1.3 lakh.

“At this time’s announcement will additional strengthen Ola’s “Mission Electrical” – which urges the business and customers to decide to electrical and make sure that no petrol two wheelers needs to be offered in India after 2025,” the corporate stated within the assertion.

India at present sells 23 million automobiles, scooters and bikes in a 12 months, and electrical automobiles make up solely a fraction of that, in keeping with a Reuters report.

Based by Bhavish Aggarwal in 2010, Ola holds a majority share of the ride-hailing market in India.

“We’re proud to guide the EV revolution from India to the world. India has the expertise and the potential to construct applied sciences of the longer term for the industries of the longer term for your complete world,” the Ola founder and CEO stated within the assertion.

ALSO READ | Ola Electric Scooter Official Launch Date Announced By CEO Bhavish Aggarwal – Check Details

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