Ola Electric secures Rs 3,200 crore in hybrid financing
- ByStartupStory | October 26, 2023
Ola Electric, a prominent electric vehicle manufacturer, has announced the successful closure of a funding round, securing Rs 3,200 crore (approximately $380 million). This funding round was a combination of debt and equity investments, with significant contributions from investors led by Temasek and debt financing from the State Bank of India (SBI). The primary purpose of these funds is to support the expansion of Ola’s electric vehicle (EV) business.
One crucial aspect of Ola Electric’s strategic plan is the establishment of India’s inaugural lithium-ion cell manufacturing facility, situated in Krishnagiri, Tamil Nadu. This facility marks a significant step in bolstering India’s capabilities in the EV sector and battery production. Ola Electric expressed its dedication to advancing core technologies related to electric vehicles and battery cells, with a strong emphasis on scaling up manufacturing operations.
Bhavish Aggarwal, the founder and CEO of Ola, reaffirmed their commitment to accelerating the transition to sustainable mobility. He stated, “We are committed to developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility.”
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The fundraising efforts undertaken by Ola Electric were integral to their aspirations of raising approximately $300 to $400 million in preparation for their upcoming public listing. These funds were secured through multiple rounds of investments, including a notable $140 million injection from Temasek in September.
Earlier in the year, Ola Electric had also successfully raised $200 million from investors like Tekne Private Ventures and Edelweiss, further bolstering their financial position in the competitive EV market.
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