Home / Country / Ola Electric closes million-dollar funding round to boost electric car industry in India

Ola Electric closes million-dollar funding round to boost electric car industry in India

In a major step forward, Ola Electric has successfully closed a funding round and raised an impressive sum of Rs 3,200 crore. The lead investors in this round were Temasek and State Bank of India, which provided debt financing. This capital infusion will play a critical role in strengthening Ola’s electric vehicle (EV) business and establishing India’s first lithium-ion cell plant in Krishnagiri, Tamil Nadu.

With the new funds available, Ola Electric has set ambitious goals for the future. They plan to launch electric motorcycles as a first step, followed by electric cars. In addition, the company is accelerating the construction of a Gigafactory, which will significantly increase its production capacity. The goal is clear: to develop cutting-edge technologies in the electric and battery cell sector and accelerate the transition to sustainable mobility.

Bhavish Aggarwal, Founder and CEO of Ola Electric, expressed gratitude to investors and lenders for their unwavering support. He emphasized that their trust in Ola’s vision has contributed to the company’s success so far.

In a remarkable achievement, Ola Electric has become the only EV company in India to be selected for the government’s coveted PLI (Production-Linked Incentive) cell manufacturing incentive program. As a recipient of this program, Ola Electric has achieved a maximum capacity of 20 GWh. The upcoming lithium-ion cell production facility will have an initial production capacity of 5 GWh in the first phase, with plans for significant expansion to reach a total capacity of 100 GWh in several phases.

In addition to its production efforts, Ola Electric has expanded its product line. They currently offer five electric scooters under the S1 series, built on an advanced second-generation platform. The company has also revealed plans to launch a range of electric motorcycles by the end of next year.

Ola Electric’s latest round of funding is undoubtedly a major milestone for both the company and the EV industry in India. Its commitment to innovation and sustainability strengthens India’s position as a key player in the global electric mobility revolution.

Frequently asked questions
1. What is the purpose of Ola Electric’s latest funding round?
Ola Electric aims to use the funds to expand its electric vehicle business and set up India’s first lithium-ion cell factory.

2. What are the future plans of Ola Electric?
Ola Electric plans to launch electric motorcycles and cars, besides speeding up the construction of a Gigafactory to increase its production capacity.

3. How does Ola Electric plan to accelerate the transition to sustainable mobility?
Ola Electric focuses on developing basic technologies in electric vehicles and battery cells, increasing production capacity and promoting the adoption of electric vehicles in India.

4. What is the significance of Ola Electric being selected for the PLI cell programme?
As the only electric car company in India selected for the government’s PLI cell program, Ola Electric will receive support and incentives to set up a major lithium-ion cell manufacturing facility.

5. What new products has Ola Electric introduced?
Ola Electric has expanded its product line to include five electric scooters under the S1 series. Additionally, they have plans to launch a range of electric motorcycles in the near future.

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