E-mobility startup Ola Electric raises $200 million
- ByTejika Bajaj | January 25, 2022
The e-mobility startup Ola Electric has recently announced that it has raised a sum of $200 million in a funding round led by Tekne Private Ventures, Alpine Opportunity Fund and Edelweiss amongst others. With this round of funding, the startup’s valuation has jumped over to $5 billion.
Multiple sources close to the development have revealed that the recent round of funding will allow Ola Electric to accelerate its manufacturing capabilities and churn out newer models. Furthermore, the funding will allow the startup to expand its charging infrastructure as well as build upon its cell manufacturing capabilities.
This announcement comes just a few months after the startup had raised a similar amount from Falcon Edge, SoftBank and other investors which valued it at $3 billion. The continuous fundraise depicts the funding spree that Ola Electric is treading upon.
Talking about the recent round of fundraise, the co-founder and CEO of Ola Electric, Bhavish Aggarwal said, “I thank investors for their support and look forward to partnering with them to take the EV (electric vehicle) revolution from India to the world. Ola Electric is looking forward to bringing innovative products to more two-wheeler categories, including bikes, as well as cars.”
This announcement comes at the back of the e-mobility unicorn’s failure to deliver its range of P1 scooters within the stipulated deadlines owing to shortage of raw materials. The startup faced severe backlash due to the same and the customers have started revolting to get their money back. Though a few e-scooters have hit the road, the two wheelers lack several promised features.
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