Ola Electric has announced that it has raised over $200 million from Tekne Private Ventures, Alpine Opportunities Fund, Edelweiss and others. Following the latest round of funding, the company has reached a valuation of $5 billion.
Ola Electric started selling its two new electric scooters Ola S1 and Ola S1 Pro in December last year. The company has built FutureFactory in Chennai, which aims to supply electric scooters to buyers across the country. The company has opted for a unique mode of sale by bypassing the dealership. Ola has opted to have its scooters delivered directly to the buyer’s doorstep. For service also the scooter owner can call for the service van which will come to the owner’s house.
Speaking on the development, Bhavish Aggarwal, Founder and CEO, Ola said, “Ola Electric is creating India’s EV revolution and manufacturing state-of-the-art from India for the entire world. With Ola S1, the best scooter ever, we have transformed the entire scooter industry and are now looking forward to bring our innovative products to more two wheeler categories including bikes as well as cars. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world.
Ola Futurefactory aims to employ over 10,000 women when they reach their full potential. The company aims to be the world’s largest female-only factory and the only female automotive manufacturing facility globally.
The Ola Electric brand has been going through some teething issues due to its relatively new selling method. Many buyers have reported unusually long waiting periods, even after paying in full. Some even reported receiving damaged scooters. The company has recently opened the purchase window for the second round of sale. The new lots of scooters are promised to be dispatched in January and February.
Ola Electric’s valuation jumps to $5 billion after the first $200 million funding round surfaced on BGR India.