An important news has come out about EV manufacturer Ola Electric. According to the report of a leading web portal, Ola Electric has raised an investment of about $ 200 million from a group of investors in the new funding round. After which the valuation of this EV maker startup has exceeded 5 billion dollars. The round has also seen participation from existing investors and some US-based blue chip tech funds, sources said.
According to the report, Ola Electric has declined to comment on this for the time being. In the month of September, Ola had said that the sales of its S1 electric scooter has crossed Rs 1,100 crore in two days. Two e-scooters – Ola S1 and S1 Pro – were introduced in August this year. The purchase window will reopen in November.Ola Electric had earlier raised $200 million on 30 September, led by Falcon Edge, SoftBank and others. The company has received this investment at a valuation of $3 billion. Ola Electric aims to accelerate the development of other vehicle platforms including electric motorbikes, mass-market scooters and electric cars.
Coming to the startup, Ola Electric has built its FutureFactory, one of the largest and most advanced 2W factories in the world, which has completed its first phase of construction and is currently undergoing production trials. Ola Futurefactory is also the world’s largest factory which is run entirely by women.