Ola Electric, India’s leading electric vehicle (EV) company, has successfully concluded a funding round, raising INR 3,200 crores through equity and debt. The funding was secured from prominent investors led by Temasek and project debt from the State Bank of India. These funds will be channeled toward the expansion of Ola’s EV business and the establishment of India’s maiden lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
As a testament to its leadership in driving India’s electrification, Ola Electric is determined to accelerate its growth. This includes expanding its two-wheeler manufacturing capacity, introducing electric motorcycles, and expediting the construction of the Gigafactory, as mentioned in the company’s official statement.
Bhavish Aggarwal, the Founder and CEO of Ola Electric, expressed the company’s vision, saying, “At Ola, our vision is to end the ICE age in automobiles, and our upcoming Gigafactory will be a significant step in India’s journey toward becoming a global EV hub. We are committed to developing core EV technologies and rapidly scaling up manufacturing to expedite the transition to sustainable mobility. We extend our gratitude to our investors and lenders for their unwavering support and encouragement.”
Ola Electric’s pivotal role in the Indian EV sector was further recognized when it was selected as the sole Indian EV company under the government’s ambitious cell PLI scheme, granting a maximum capacity of 20 GWh. The ACC PLI scheme plays a crucial role in enhancing India’s self-reliance and localizing essential aspects of the EV value chain. Ola is in the process of establishing a lithium-ion cell manufacturing facility near its Futurefactory in Krishnagiri, Tamil Nadu. This facility, a pioneering endeavor in India, will have an initial capacity of 5 GWh in its first phase, which will be subsequently scaled up to reach 100 GWh at full capacity.
Ola has rapidly emerged as a front-runner in India’s electric vehicle revolution. Committed to making India a technology epicenter, the company has made substantial investments in diversifying its portfolio, particularly in innovative cell technology. The forthcoming Gigafactory in Krishnagiri, expected to be operational early next year, will have the capability to produce cells at scale, moving India closer to energy independence.
Ola Electric has recently expanded its scooter lineup to encompass five products with prices ranging from INR 89,999 to 1,47,499. These models, part of Ola’s annual flagship event, including S1 Pro, S1 Air, S1X+, S1X (3kWh), and S1X (2kWh), are built on an advanced Gen-2 platform, positioning them as compelling EV options across various price points.
Additionally, Ola has introduced an impressive motorcycle lineup slated for launch by the end of the next year. This lineup includes four models, namely Diamondhead, Adventure, Roadster, and Cruiser, each adhering to world-class design standards and catering to diverse consumer preferences.
