Ola Electric Raises $200 million, to speed-up production of Car & Bikes

Ola has previously stated that, it would be keen to venture into the electric motorcycle as well as cars segment after launching its 1st electric scooter S1 and S1 Pro previous month.

Ola Electric, is an India's electric 2 wheeler manufacturing company, it has announced that it has been able to raise more than 200 million dollars from Falcon Edge, Softbank and others. The lenders have also put the Ola Electric valuation at around 3 billion dollars ahead of the company's plan to launch its IPO.

The funds came at a time, when Ola has already got off a flying start with its 1st products, S1 and S1 pro electric scooters.

Ola Claims it has sold electric scooters worth more than Rs. 1,100 crore in mere 2 days, earlier this month. The Ola S1 electric scooter is price at around Rs.1 lakh, while the more capable S1 Pro is priced at nearing to Rs. 1.30 lakh.

After the launch of the electric scooters, the CEO & Founder of Ola Electric, Bhavish Aggarwal, has expressed his intentions to grow the business to electric cars and motorcycles. The latest fund raise has offered a boost to his plans.

India is building technologies of the future as well as becoming a global EV hub. With this raise, we would accelerate our vehicle dev across 2W scooters, motorbikes and 4W. And fast track Mission electric: No Petrol 2W in India after 2025, Aggarwal wrote, while announcing the fund raise development on twitter today.

The Ola S1 electric scooter comes with a claimed riding range of nearing 120 kms. The S1 pro electric scooter has a range of nearing to 180 kms. The S1 Pro is offered in 10 color options, has got a higher top speed of 115 Kmph and bigger battery pack than the standard S1 version.

Ola Electric manufactures its 2 wheelers at the Futurefactory near Chennai in Tamil Nadu. The facility, at present is undergoing production trials, it is said to be largest and most advanced 2 wheeler manufacturing facility in the world. The factory, which has been built in the previous 6 months, it is entirely run by women. At full scale, it would have more than 10,000 women employed