Ola Electric On Track To Raise $300 Million For Expansion Plans

A file photo of Ola Electric's S1 Electric Scooter

As per the sources, the electric vehicle manufacturer, Ola Electric is on track to raise funds of approximately $300 million to support its expansion plans as well as to meet other corporate needs.

This new round of fundraising is occurring amid hopes that Ola Electric will soon break even and become profitable.

Sources said that Goldman Sachs would manage the fundraising and that funds would be raised from both existing and prominent global investors as well as sovereign funds.

Ola Electric, which had a revenue of close to a billion dollars annually, was the leading Indian EV manufacturer in terms of volume and revenue within one year of its first deliveries of electric scooters – Ola S1 & Ola S1 PRO.

The company continues to build on its core technology, such as cell manufacturing. It is now looking to expand its product range across both two-wheelers as well as four-wheelers segments.

Ola Electric recently signed an MoU with the Tamil Nadu government in order to acquire land for the establishment of the largest EV hub in the world, Krishnagiri. This will house the company’s four-wheeler factory, cell factory, and supplier ecosystem. Sources said that the company plans to expand its two-wheeler factory.

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Electric two-wheeler manufacturer has an average monthly production rate of more than 20,000 units. The company’s expansion plan calls for the opening of 500 Experience Centres in all major cities by April 2023.


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