Ola Electric raises $200 million from investors

According to Business Today, Ola Electric raised $200 million from a group of investors including Tekne Private Ventures, Alpine Opportunity Fund and Edelweiss. The new funding round values the company at $5 billion. In September of last year, the company was valued at $3 billion when it raised 200 million from Softbank and FalconEdge. It marks the eighth funding round of Ola Electric with a cumulative capital raise of $800 million.

In December last year, the parent company, Ola, had raised $500 million via a Term Loan B TLB from marquee international institutional investors. The ride-hailing giant said that the proposed loan issuance received a huge response from investors with interest and commitment of approximately US $1.5 billion. The announcement came at a time when the firm is pivoting to the electric vehicle segment by setting up the largest EV manufacturing facility, Ola has accelerated the production of its electric scooters, even though there are concerns around delivery timelines, manufacturing defects, etc.

Ola Electric's two-wheeler factory was built in a record 6 months time and has completed phase 1 construction undergoing production trials. Ola Futurefactory is the world's largest factory that is entirely run by women. The company said over 10,000 women will be employed at the full scale.