Ola Electric Raises $200 Million For Battery-Powered Motorcycles, Cars

Ola Electric Mobility Pvt. raised more than $200 million (about Rs 1,485 crore) from Falcon Edge and Softbank, among others, as it looks to ramp up its line-up for battery-powered vehicles.

The round values the four-year-old company at about $3 billion (Rs 22,278 crore), it said in a statement.

The funds, it said, will be used to accelerate development of other vehicle platforms, including electric motorbikes, mass-market scooters and electric car.

Formed in 2017 as a wholly owned subsidiary of online cab aggregator Ola, the electric vehicle maker on Aug. 15 unveiled its first battery-powered scooters S1 and S1 Pro. It has sold such scooters worth $150 million (Rs 1,114 crore) in the first two days of booking.

Previously in 2019, the company had raised an equity funding of $250 million (Rs 1,800 crore) from SoftBank Group Corp., becoming one of the fastest startups to enter into the unicorn club with a valuation more than $1 billion.

“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,” Bhavish Aggarwal, chairman and group chief executive officer at Ola, said in the statement.