Ola Electric Mobility announced on Monday that it has secured around $200 million (~Rs 1,490.5 crore) in funding from Tekne Private Ventures, Edelweiss, Alpine Opportunity Fund, and others, valuing the electric vehicle maker at $5 billion.
It was previously reported that the company was raising $200 million from existing investors alongside some US-based bluechip tech funds. The round, however, was set to close in October 2021, with the proceeds going toward the production of mass-market scooters, electric bikes, and electric cars. Ola Electric announced in September last year that it had raised a similar amount of capital from Softbank, Falcon Edge, among others, valuing the company at $3 billion (~Rs 22,272 crore).
Ola Electric is leading India’s EV revolution and cutting-edge manufacturing from India for the rest of the world. The company claims to have revolutionized the entire scooter market with the Ola S1, the best scooter ever manufactured, and it is now looking forward to introducing our innovative products to additional two-wheeler categories, including bikes and cars, Ola co-founder and CEO Bhavish Aggarwal said in a statement.
. “I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world,” he added.
This is Ola Electric’s seventh fundraising since its inception, excluding the $100 million it secured from Bank of Baroda. The company counts Matrix Partners India, Tiger Global Management, Hyundai & Kia Motors, Ratan Tata, and Pawan Munjal Family Trust as its investors. It’s worth noting that Ola Electric is the sister firm of Ola, the ride-hailing behemoth that competes with Uber.
Last December, the company bagged $52.7 million (~Rs 398.26 crore) in a funding round led by Singaporean state holding – Temasek. The round also featured participation from Edelweiss PE; IIFL PE through its two funds, IIFL Special Opportunities Fund & IIFL Monopolistic Market Intermediaries Fund; Paytm founder Vijay Shekhar Sharma’s VSS Investco; Rahul Mehta, managing partner at DST Global, among others.
Ola Electric has spent the last year building its ‘Futurefactory,’ which it claims is the world’s largest two-wheeler production facility, and launching its Ola S1 lineup of electric scooters. At full capacity, Ola’s facility will employ more than 10,000 women and will be the world’s largest women-only factory. Ola Electric had a revenue of Rs 2.1 crore (~$280K) and a loss before taxes of Rs 7.1 crore (~ $945K) in FY19, according to Tofler.