Bengaluru, Oct 26 (IANS) Ola Electric on Thursday announced it has closed Rs 3,200 crore in funding as part of its equity and debt round from Temasek-led investors and project debt from the State Bank of India, respectively.
New Delhi, The funds raised would be utilised towards expansion of
The Bengaluru-based firm aims to accelerate its growth by ramping up its two-wheeler manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of gigafactory, it added.
"At Ola, our vision is to end ICE (internal combustion engine) age in automobiles and our upcoming gigafactory will be a big leap in India's journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility," Ola Electric Founder & CEO Bhavish Aggarwal said.
Ola Electric was selected by the government under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh.