Ola electric: crossed $3B valuation after raising $200m loan from Softbank

Rate this post

     

Ola S1


 Due to climate change, price hike of oil in the Global market, India is looking to use Electric Vehicles in future . So, automotive companies are trying to change their plan .They want to change their fuel based vehicles into electric vehicles in future. Ola electric is not far away from it . They already launched their Ola S1 E-Scooter  in India.Ola electric is planning to use their capital in EV development like four wheeler (passenger & private); two wheelers i.e  E-bike and E-Scooter to capture the huge EV market in India.

        Mumbai based EV startup Ola Electric Mobility PVt.Ltd has raised USD 200 million that is Rs 1500 cr in Indiamon money from Falcon Edge and SoftBank , among other investors. Ola Electric was founded in 2017. Within 2 years Ola Electric company value will become USD 3 billion to enter new vehicle categories. They also raised USD 200 million from SoftBank in july,2019. SoftBank is the 2nd investor in Ola Electric.

      

      “India has the talent and the capability to build technologies of the future for the industries of the future for the entire world. I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future,” said Bhavish Aggarwal, co-founder, chairman and group chief executive officer of Ola cabs. 

He is also said

   

India is building technologies of the future and becoming a global EV hub. With this raise we will accelerate our vehicle development across two-wheeler scooters, motorbikes and four-wheelers.”

        Ola electric launched their first  e -scooter in the India EV market that is the Ola S1 and Ola S1 pro model earlier this September month. On 17 sept, Ola electric company claimed that they sold more than ₹1,100 cr worth of E-electric scooter within two days. They also claim that the 1st day of the sale, they booked ₹600cr in sales and it sold four scooters every second in the first day. Second day sale is coming on 1 November during the festive season of Diwali.

      Ola Electric stopped their sales of the S1 scooter model until 15 September as it faced a technical issue with their website on 9 sept. On 15  August , the company launched their 1st affordable E-Scooter Ola S1 and Ola S1 pro model where S1 market price is at Rs 99,999/- and S1 pro cost is Rs 1.3 lakh (without any subsidy).

   Ola electric is going to build the giga manufacturing factory at Krishnagiri district in Tamil Nadu, in six months. This factory would be the world’s largest two wheeler factory where phase-1 construction is completed and another one is currently undergoing process. The future factory said that this entire world’s largest factory would be run by women. At full scale , more than 10,000 women employees will be working here.

     Ola and Ola Electric are two different business companies under the same umbrella of ANI Technologies. Ola, a market expert, said that they are also preparing to bring their  IPO in the share market in early 2022.

Leave a Reply

%d bloggers like this: