New Delhi: Ola Electric on Thursday announced that it has raised over $200 million in funding led by Falcon Edge, Softbank and others, at a valuation of $3 billion. The electric two-wheeler manufacturer said it will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car. The funding “will further strengthen Ola’s ‘Mission Electric’ – which urges the industry and consumers to commit to electric and ensure that no petrol two-wheelers should be sold in India after 2025,” the Bengaluru-based company further said.
“The fundraise comes at a time when Ola has already set the benchmark in two wheeler sales by selling over $150 million of scooters in its first purchase window,” Ola Electric stated.
Bhavish Aggarwal, Founder and CEO, Ola, said “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.”
As of now, Ola has got off to a flying start with its entry-level electric scooters – the S1 and S1 Pro. The Ola S1 can be purchased for Rs 99,999 (ex-showroom) and the Ola S1 Pro can be purchased for Rs 1,29,999 (ex-showroom). Both these prices are listed without the subsidies electric vehicles can get in different Indian states.
The Ola S1 e-scooter comes with a claimed range of 121km and a top speed of 90kmph. Ola S1 Pro gets a claimed 181km range and a top speed of 115kmph. The vanilla Ola S1 has Normal and Sports riding modes while the Ola S1 Pro gets Normal, Sports, and Hyper riding modes.
Ola Electric said it has built its Futurefactory that has completed phase 1 construction and is currently undergoing production trials. Its two-wheelers’ manufacturing plant is in Tamil Nadu.
It also mentioned that the Ola Futurefactory is world’s largest factory that is entirely run by women. “At full scale, it will have over 10,000 women employed,” it added.