Ola Electric announced on September 30 that it had raised more than $ 200 million in funds led by Falcon Edge, SoftBank and others with a valuation of $ 3 billion. The funds raised will be used to accelerate the development of other vehicle platforms, including electric motorcycles, mass market scooters and electric cars.
Ola Cabs is an Indian multinational ridesharing firm that provides services such as car rental and food delivery. The headquarters of the firm are in Bengaluru, Karnataka. Ola was valued at around US$6.5 billion as of October 2019. The firm is owned by a number of venture capitalists, including Softbank.
Ola entered its first international market, Australia, in January 2018, and New Zealand in September 2018. Ola launched its UK operations in March 2019, providing auto rickshaws. More than 10,000 drivers have applied both online and offline in advance of the London launch. Ola began its taxi-hailing services in February 2020, with over 25,000 registered drivers.
According to Bhavish Aggarwal, CEO of Ola, they are proud to lead the electric vehicle revolution from India to the world. India has the talent and the ability to develop future technologies for the industries of the future for the whole world. He thanked existing investors and welcomed new ones to Ola. Together they want to bring mobility to a billion and sustainability in the future.
This fundraiser comes after the company sold more than $ 150 million worth of scooters in its first purchase window, which Ola claims is higher than the entire two-wheeler industry in each of the two. days.
Last week, Aggarwal said they plan to beef up Ola’s electric vehicle range with more scooters, bikes and cars in the coming quarters. In addition, the company aims to bring them closer to a wider audience by making them more affordable and accessible through electric vehicles adapted to the diverse needs of shared mobility. A plan is also in the works to open up its digital retail platform to other original equipment manufacturers (OEMs) for digital distribution.
Ola Electric, which grew out of the large passenger transport company Ola, is building a 500 hectare factory in Krishnagiri, Tamil Nadu, with the goal of producing 10 million vehicles a year at full capacity, making it the vehicle factory largest two-wheeler in the world.
In July, the company obtained $ 100 million in long-term debt from the Bank of Baroda to complete the first phase of its factory development. On September 13, Aggarwal also announced that Ola Future Factory will be fully run by women, 10,000 of whom will be employed when the plant reaches full production capacity worldwide. Ola’s core transportation business also plans to go public soon, for which it raised $ 500 million from Warburg Pincus and Temasek, allowing early supporters Tiger and Matrix to partially exit the company.