Ola Electric raises another $200 million, this time at a valuation of $5 billion
- Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss participated in the round.
Ola Electrichad raised $200 million from Falcon Edge, SoftBank and others in September 2021. OlaElectric was set up in 2017 to run electric taxis on Ola.
AdvertisementOla Electric — the electric vehicle (EV) arm of
Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others have participated in the round.
“Ola Electric is creating India’s EV revolution and is driving cutting edge manufacturing from India for the entire world. With Ola S1, the best scooter ever made, we’ve changed the entire scooter industry and are now looking forward to bringing our innovative products to more two wheeler categories including bikes as well as cars,” Bhavish Aggarwal, founder and chief executive of Ola, said.
The development comes a few months after Ola Electric raised $200 million from Falcom Edge, SoftBank and others. The four-year-old company was then valued at $3 billion.
The company counts Tiger Global, Matrix Partners India, Hyundai and Kia Motors, Pawan Munjal Family Trust and Ratan Tata as its investors. It is important to note that Ola Electric is the sister company to ride hailing giant Ola, which competes with Uber.
Ola was founded in 2010 by Bhavish 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
Ola Electric, on the other hand, was set up in 2017 to run electric taxis on Ola. However, the company decided to pivot into electric vehicle (EV) manufacturing and set up the world’s largest electric two-wheeler factory in Tamil Nadu. The said factory is entirely run by women.
The company is currently developing its electric scooter, which competes with the likes of Ather 450X, TVS iQube and the new Bajaj Chetak.
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