Ola Electric valuation reaches $5 billion after latest $200 million funding round
Ola Electric has announced that it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others. After the latest round of funding, the company has reached an evaluation of $5 billion.
Ola Electric started the sale of its two new electric scooters Ola S1 and Ola S1 Pro in December last year. The company has built the Futurefactory in Chennai, which aims to supply electric scooters to buyers all over the country. The company has opted for a unique sales method by skipping the dealership. Ola has opted to deliver its scooters straight to the buyer’s house. Even for service, the scooter owner can call for a service van that will come to the house of the owner.
Speaking on the development, Bhavish Aggarwal, Founder & CEO, Ola said “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. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world.”
Future plans
Ola Futurefactory aims to employ over 10,000 women when it reaches its full capacity. The company aims to become the world’s largest women-only factory and the only all-women automotive manufacturing facility globally.
The Ola Electric brand has been undergoing some teething issues due to its relatively new sales method. Many buyers have reported unusually long waiting periods even after making the full payment. Some even reported to have received damaged scooters. The company recently opened the purchase window for the second round of sales. The new lot of scooters has been promised to be dispatched in January and February.
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