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Ola Electric raises $200 million, valuation zooms to $5 billion

Ola Electric raises $200 million, valuation zooms to $5 billion

The company was last valued at $3 billion in September last year when it raised $ 200 million from Softbank and FalconEdge.

Ola Electric has raised $200 million from a clutch of investors including Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, the company confirmed to Business Today. Ola Electric has raised $200 million from a clutch of investors including Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, the company confirmed to Business Today.

Ola Electric has raised $200 million from a clutch of investors including Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, the company confirmed to Business Today. The fresh funding round values the company at $5 billion. The company was last valued at $3 billion in September last year when it raised $ 200 million from Softbank and FalconEdge. This also marks the eighth funding round of Ola Electric with a cumulative capital raise of $800 million.
 
In December last year,  parent company, Ola had raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. The proposed loan issuance received a staggering response from investors with interest and commitment of approximately US$1.5 billion, the ride-hailing giant said in a statement. The announcement comes at a time when the Bhavish Aggarwal-led firm is pivoting to the electric vehicle segment by setting up the largest EV manufacturing facility .
 
Ola has accelerated the production of its electric scooters, although there have been concerns around delivery timelines, manufacturing defects etc.
 
Ola Electric's two-wheeler factory was been built in a record 6 months time and has completed phase 1 construction , undergoing production trials. Ola Futurefactory is also the world’s largest factory that is entirely run by women. At full scale, it will have over 10,000 women employed, the company said.

The story wll be updated with further inputs.