NA | 3.5 Billion
Business Standard - Ola Electric launches Ola S1 scooter, prices start at Rs 99,999
Electric Vehicle, Automotive, Manufacturing
Auto Vehicles, Parts & Service Retailers, EV Charging, Electric Vehicles
Lithium Ion Btys
Electric Cars, Energy Storage, Battery, Transportation, EV Charging, Electric Vehicles
Ola spun off its electric vehicles business into a separate unit called Ola Electric Mobility with US$56 million of funding capital in February 2019. The funding was provided by Tiger Global and Matrix India. Apart from electric vehicles, Ola Electric also works on charging solutions, EV batteries and developing viable infrastructure to allow commercial EVs to operate at scale. The company announced on 6 May 2019 that Ratan Tata had invested an undisclosed amount in Ola Electric as part of its Series A round of funding.
Ola Electric raised $250 million from SoftBank during Series B round funding in July 2019, earning a valuation of over $1 billion.
Anand Shah, co-founder, Ola Electric and senior VP, Ola Cabs said that Ola Electric will need more capital to achieve its target of putting 1 million EVs on the roads by 2021.
Ola Electric acquired Amsterdam-based EV startup Etergo on 27 May 2020 to launch an own line of electric scooters in 2020.
Ola Electric CEO Bhavish Aggarwal announced in March 2021 that the company was building a 500 acre, fully-automated factory in Pochampalli, a town in the Krishnagiri district of Tamil Nadu, to manufacture electric two wheelers. The company claims it will be the largest two wheeler factory in the world with an annual production capacity of 10 million units. The factory named the Ola FutureFactory produced its first electric two-wheeler on 15 August 2021. The factory will produce two models - S1 and S1 Pro - and is scheduled to begin delivering vehicles to customers who placed pre-orders by October 2021.
|Announced Date||Transaction Name||Number of Investors||Money Raised|
|09 Jul 2020||Series B - Ola Electric Mobility Private Limited||1||2.5 Billion|
|01 Jul 2020||Debt Financing - Ola Electric Mobility Private Limited||1||1000 Million|
|Investor Name||Lead Investor||Funding Round||Partners|
|Bank of Baroda||Yes||Debt Financing Round - Ola Electric Mobility Private Limited||NA|
|SoftBank||No||Series B Round - Ola Electric Mobility Private Limited||NA|