Ola Electric raises ₹3,200 crore to fund EV business
The Hindu
Ola Electric raises ₹3,200cr from Temasek-led investors and SBI to expand EV business, set up India's first lithium-ion cell manufacturing facility. Funds to accelerate growth, ramp up two-wheeler manufacturing, launch electric motorcycles and cars, and fast-track construction of gigafactory. Vision to end ICE age in automobiles and become global EV hub. Selected by govt under PLI scheme, receiving max capacity of 20 GWh.
Ola Electric on Thursday said it has raised ₹3,200 crore from Temasek-led investors and State Bank of India.
The company announced the successful closure of the funding round from Temasek-led investors and State Bank of India.
The funds raised would be utilised towards expansion of Ola's EV business and setting up India's first lithium-ion cell manufacturing facility at Krishnagiri, Tamil Nadu, the company said in a statement.
The Bengaluru-based firm aims to accelerate its growth by ramping up its two-wheeler manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of gigafactory, it added.
"At Ola, our vision is to end ICE (internal combustion engine) age in automobiles and our upcoming gigafactory will be a big leap in India's journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility," Ola Electric Founder & CEO Bhavish Aggarwal said.
Ola Electric was selected by the government under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh.
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