4-year old Ola Electric is now worth over a half of its older sibling Ola
Ola Electrichas raised $200 million led by Falcon Edge and Softbank, at a valuation of $3 billion.
- The development comes almost a month after Ola Electric launched its electric two wheelers in India.
OlaElectric’s sister company Ola is looking to go public.
AdvertisementElectric vehicles (EV) giant Ola Electric has raised $200 million led by Falcon Edge, SoftBank and others. The company’s valuation has touched $3 billion, about three-times higher than its last reported valuation of $1 billion in 2019.
“Today’s announcement will further strengthen Ola’s “Mission Electric” – which urges the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025,” the company said in a blog post.
The development comes almost a month after Ola Electric launched its electric two wheelers in India. The company claims to have sold over $150 million worth scooters in the first purchase window, outselling the entire two wheeler industry on each of the two days of the window.
Bhavish Aggarwal, founder and chief executive officer (CEO) of Ola, emphasised that they are leading the EV revolution from India to the world. He further added that the country has enough talent and capacity to build technologies for the future for the entire world.
Ola and Ola Electric are two separate businesses under ANI Technologies. Ola focuses on ride hailing business, whereas Ola Electric has entered electric scooter manufacturing and selling.
Ola Electric was founded in 2017 and was valued over a billion dollars in 2019.
Ola, on the other hand, was founded in 2010 by Aggarwal and Ankit Bhati. The company has its presence across three continents. It has raised more than $4 billion to date from marquee investors like SoftBank, Tencent, Steadview Capital, Eternal, Sailing Capital, China Eurasian Economic Cooperation Fund and others.
The company raised half a billion dollars in July, as a part of its pre initial public offering (IPO) round. It is said to be valued over $6 billion.
Ola Electric has raised over $600 million to date and counts Hyundai and Kia Motors, Pawan Munjal Family Trust and Tiger Global as its investors. The company raised $100 million in debt from Bank of Baroda in June 2021 to fund its electric vehicle factory, which is the world's largest electric scooter factory and is entirely run by women. The factory spreads across 500-acres and the company aims to make 10 million vehicles annually.
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