New Delhi: Ola Electric has raised around USD 200 million (about Rs 1,500 crore) from a group of investors in a new funding round that, according to sources, values the electric vehicle maker at over USD 5 billion.
He said Ola Electric has closed a USD 200 million round at a valuation of over USD 5 billion – a jump of almost 70 per cent from the previous round.
Sources said the latest round saw participation from existing investors and some US-based bluechip tech funds.
When contacted, Ola declined to comment.
On 30 September, Ola had announced to raise over USD 200 million in funding from Falcon Edge, SoftBank and others, valued at USD 3 billion.
While the round was closed around June, the official announcement was made recently.
The company has previously raised over USD 600 million from investors including Tiger Global and Matrix India. This includes a $100 million loan from Bank of Baroda that was announced in July.
The fresh funding will help Ola Electric accelerate vehicle growth across its range of scooters, which largely includes scooters, motorbikes, 4W and other vehicle form factors.
In September, Ola said sales of its S1 electric scooter crossed Rs 1,100 crore in two days. Two e-scooters – Ola S1 and S1 Pro – were introduced in August this year. The purchase window will reopen in November.
Ola has completed the construction of the first phase of its manufacturing plant spread over 500 acres in Tamil Nadu. The company had announced an investment of Rs 2,400 crore for the facility. The factory will be run entirely by women and will employ over 10,000 women on a full scale.
The company had earlier said that it would initially start with an annual production capacity of 10 lakh and then increase it to 20 lakh in the first phase to meet the market demand. Read also: Chief Economic Adviser Subramaniam resigns after 3 years in office
Ola Electric had claimed that its plant – when fully completed – would have an annual capacity of 10 million units, “which is 15 per cent of the world’s total two-wheeler production”. Read also: In good hands: Twitter reacts to Tata Sons’ purchase of Air India