Softbank leads Ola Electric’s $200 mn funding round, valued at $3 bn

Ola Electric, India’s leading electric vehicles manufacturer, today announced that it has raised over $200 million in a funding round, led by Falcon Edge, Softbank and others. The latest funding round took the company’s valuation to $3 billion.

Ola Electric, the EV arm of the ride-hailing startup Ola, said, the current round will help it accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car.

“I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future,” Ola founder and CEO Bhavish Aggarwal said.

“We are proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world,” he added.

The latest funding, the company said, will further strengthen Ola’s “Mission Electric”, urging the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025.

The fundraising comes at a time when Ola has already set the benchmark in two wheeler sales by selling over $150 million of scooters in its first purchase window.

Ola is producing all the electric vehicles at its Futurefactory, which has completed phase 1 construction and is currently undergoing production trials. Ola built the factory in a record time of just 6 months. Ola Futurefactory is also the world’s largest factory that is entirely run by women.

The company said at full scale, it will have over 10,000 women employed. The company recently has sold more than 1,100 crore worth of electric scooters during a two-day sale.

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