Ola Electric Funding
Ola electric, India’s largest electric scooter manufacturer has received funding of ₹1,163 Crores from Singapore’s investment agency Temasek before its ongoing IPO talks. The total valuation of the company is expected around $5.4 billion. Ola has sold 1.63 lakh electric scooters in the current year. Ola Electric is backed by Japan’s SoftBank Group.
Ola is running an operating loss of $ 136 million and the total revenue gained is $ 335 million in the fiscal ended March 2023. However, Ola and Temasek have not commented on Reuters request for this current investment.
Ola’s Plans and Portfolio
Ola Electric has its manufacturing plant at Krishnagiri, Tamil Nadu which is the world’s largest 2W factory. The company has recently launched the scooter Ola S1X starting at ₹ 89,999, Ola S1 Air at ₹ 1,19,999, and Ola S1 Pro 2Gen at ₹ 1,47,499. It has also showcased four bikes that look futuristic in design and can be launched in 2024 by the company.
Ola Electric has geared up its market in India. With the largest electric scooter selling, Ola is also setting up its own 1 GWh Li-ion battery manufacturing plant. The fresh funding information is sourced from Reuters headquartered at Minnesota, USA.