Ola Electric, India’s leading electric vehicle (EV) company, has successfully concluded a funding round of INR 3,200 crore, comprising equity investments from prominent investors led by Temasek and project debt from the State Bank of India. The capital raised will be deployed to expand Ola’s EV business and establish India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
This achievement underscores Ola Electric’s commitment to driving the electrification of India’s transportation sector. The company plans to accelerate its growth by increasing its two-wheeler manufacturing capacity, introducing electric motorcycles and cars, and expediting the construction of its Gigafactory.
Bhavish Aggarwal, Founder & CEO of Ola Electric, emphasized the company’s vision to transition India away from internal combustion engine (ICE) vehicles. He also highlighted the pivotal role of the upcoming Gigafactory in India’s journey toward becoming a global EV hub.
Additionally, Ola Electric has been selected as the sole Indian EV company under the government’s cell Production Linked Incentive (PLI) scheme, allowing it a maximum capacity of 20 GWh. This scheme aims to promote self-reliance and domestic production in the critical segments of the EV value chain. Ola’s lithium-ion cell manufacturing facility in Krishnagiri will have an initial capacity of 5 GWh in its first phase, with plans to scale up to 100 GWh at full capacity.
Ola Electric has rapidly emerged as a leader in India’s EV revolution, with an extensive portfolio of scooters and innovative cell technology. The company’s Gigafactory, expected to be operational by early next year, will contribute to India’s energy independence by manufacturing cells at scale.
Ola Electric has expanded its scooter lineup, offering a range of five products with competitive pricing. Additionally, the company plans to introduce a range of motorcycles by the end of the next year, catering to diverse consumer preferences.
This investment and expansion signify Ola Electric’s commitment to transforming India’s mobility landscape and advancing its position in the EV market.