Ola Electric is now looking to invest $100 million in setting up an R&D centre in UK that will hire 200 engineers

• The center named ‘Futurefoundry’ will be based in Coventry in the UK.
• Ola Futurefoundry will employ over 200 designers and automotive engineers.
• The development comes only a few days after Ola Electric raised $200 million.

After building the world’s largest electric two-wheeler factory in India, Ola Electric is now looking to spend another $100 million in setting up a new advanced engineering and vehicle design centre in the United Kingdom (UK) over the next five years.

The centre named as ‘Futurefoundry’ will be based out of Coventry, where companies like Jaguar and Aston Martin have set up their factories.

Ola Futurefoundry will employ over 200 designers and automotive engineers. The centre will also partner with education and research institutions in the UK to collaborate on technology research and development.

The UK-based centerwork in-synch with the design and engineering teams based at Ola Campus in Bengaluru, India.

“Ola Futurefoundry will enable us to tap into the fantastic automotive design and engineering talent in the UK to create the next generation of electric vehicles. Futurefoundry will work in close collaboration with our headquarters in Bangalore, India to help us build the future of mobility as we make EVs [electric vehicles] affordable across the world,” Bhavish Aggarwal, the cofounder and chief executive (CEO) of ANI Technologies, said.

ANI Technologies is the parent company of ride hailing giant Ola and EV company Ola Electric.

The development comes only a few days after Ola Electric raised $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The company was valued at $5 billion in this round.

The company had also raised $200 million in October, at a valuation of $3 billion.

Aggarwal on Tuesday also tweeted an image of a concept car, which has given rise to speculation that the company may be looking to launch electric cars in the near future.

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