Ola Electric raised $300 million for future projects

India’s number one electric two wheelers selling company Ola Electric is planning to raise $300 million money for battery cell manufacturing and many parts manufacturing in India.

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After this money, the Ola company may reach a $5-6 billion market valuation by the end of this year. Ola electric scooters are the top selling electric scooter in India. This year in February it was about 14,000 units. In 2021, Ola sold more than 1,42,000 units which was 20% of total electric two wheelers sales. Where other top E2W brands TVs, Hero, Bajaj are behind Ola . 

On the other Electric two wheeler market is rapidly increasing in India year by year. There Were 65,798 units in February from 35,074 units a year ago. As per RTO report, more than 6,83,000 units may be sold this fiscal year. This huge investment will help Ola for future plans . 

Last year, Ola raised $200 million in January from Tekne Private Limited, Alpine Opportunity Fund, Edelweiss and others at a 5 billion valuation. Ola is also working on several foreign funds like Qatar Investment Authority, Abu Dhabi and more.

Recently, the Ola electric scooter was top of the news because of its front fork damage issue. After many complaints from customers, Ola has given a free replacement offer of the front fork. Ola is also offering discounts for students, corporate and also exchange this March month. 

The company is also making a 5 gigawatt hours huge battery cell manufacturing plan

in Tamil Nadu. After this plant’s manufacturing, it is expected Ola electric scooter price will reduce rapidly. Because, Battery price is 40 percent of the total scooter price.

Ola is working on its new products like Ola motorcycle,Ola electric car and product. The company main plans to establish the world top company and reach the product out of country US, Europe. 

Hi, I am a blogger. I am working about 2 years. I share electric vehicles news and updates.

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