Ola Electric raises over $200 million; valuation stands at $3 billion

The fundraise comes at a time when Ola has already set the benchmark in two-wheeler sales by selling over US$150Mn of scooters in its first purchase window

Ola Electric has built its Futurefactory most advanced 2W factory in the world that has completed phase 1 construction and is currently undergoing production trials.

Electric Vehicle (EV) manufacturer Ola Electric on 30th September announced that it has raised over $200 million led by Falcon Edge, Softbank and others, at a valuation of $3 billion.

"India is building technologies of the future and becoming a global EV hub! With this raise, we will accelerate our vehicle dev across 2W scooters, motorbikes and 4W. And fast track Mission Electric: No petrol 2W in India after 2025," Chief Executive Officer (CEO) Bhavish Aggarwal said on Twitter.
Ola will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car. Today’s announcement will further strengthen Ola’s Mission Electric – which urges the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025.

The fundraise comes at a time when Ola has already set the benchmark in two-wheeler sales by selling over US$150Mn of scooters in its first purchase window – outselling the entire two-wheeler industry on each of the two days.

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Speaking on the occasion, Bhavish Aggarwal, Founder and CEO, Ola, said “We’re proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world. I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future.”

India is building technologies of the future and becoming a global EV hub! With this raise, we will accelerate our vehicle dev across 2W scooters, motorbikes and 4W.

And fast track Mission Electric: No petrol 2W in India after 2025! #jointherevolution https://t.co/u2IGW7oshB

— Bhavish Aggarwal (@bhash) September 30, 2021

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Ola Electric has built its Futurefactory, the largest, most advanced 2W factory in the world that has completed phase 1 construction and is currently undergoing production trials. Ola built the factory in a record time of just 6 months. Ola Futurefactory is also the world’s largest factory that is entirely run by women. At full scale, it will have over 10,000 women employed.

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