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Ola Electric Raises INR ~3,200 Crores to Scale Up EV Business and build India’s first Gigafactory for Cell Manufacturing
October 26, 2023
Bengaluru, October 26, 2023: Ola Electric, India’s largest EV company, today announced the successful closure of INR ~3,200 Crores funding as a part of its equity and debt round raised from Temasek led marquee investors and project debt from State Bank of India respectively. The funds raised would be utilized towards expansion of Ola’s EV business and setting up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
As a clear testament to leading the change in electrification of India, Ola Electric aims to accelerate its growth by ramping up its 2W manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of Gigafactory.
Bhavish Aggarwal, Founder & CEO, Ola Electric, said: "At Ola, our vision is to end ICE age in automobiles and our upcoming Gigafactory will be a big leap in India's journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility. Our investors and lenders have shown deep faith in Ola's vision, and we thank them for the constant support and encouragement."
Ola Electric was also selected by the government as the only Indian EV company under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh. The ACC PLI scheme will be instrumental in making India self-reliant and localizing the most critical aspects of the EV value chain. Ola is setting up a lithium-ion cell manufacturing facility near Ola’s Futurefactory in Krishnagiri, Tamil Nadu. This is a first of its kind lithium-ion cell manufacturing facility in India with an initial capacity of 5 GWh in phase I which will be further scaled up in phases to 100 GWh at full capacity.
Ola has rapidly emerged as the frontrunner in the electric vehicle revolution in India. With a vision to make India the epicenter of technology, Ola has made substantial investments to diversify its portfolio with pioneering innovation in cell technology. Anticipated to be operational by early next year, the upcoming Gigafactory in Krishnagiri would be equipped to manufacture cells indigenously at scale, leading India a step closer towards energy independence.
Ola Electric recently expanded its scooter portfolio to five products with prices ranging from INR 89,999-1,47,499. Unveiled as part of Ola’s annual flagship event last month, S1 Pro, S1 Air, S1X+, S1X (3kWh), and S1X (2kWh) are built on a newer and advanced Gen-2 platform, making them one of the best EV propositions across price points currently available in the market.
Ola has also introduced its impressive motorcycle line-up scheduled to be launched by the end of next year. Tailored to meet diverse consumer preferences, the line-up includes four best-in-class models - Diamondhead, Adventure, Roadster, and Cruiser, reflecting world-class design standards.
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About Ola
Ola is India's largest mobility platform and one of the world's largest ride-hailing companies. Ola revolutionized urban mobility by making it available on-demand for over a billion people across 3 continents. Today, Ola continues to move the world to sustainable mobility through its ride-hailing platform as well as through advanced electric vehicles manufactured at its Futurefactory, the largest, most advanced, and sustainable two-wheeler factory in the world. Ola is dedicated to transitioning the world to sustainable mobility and making the world better than we found it.
