Ola Electric Pvt., an Indian electric vehicle (EV) company, has secured Rs 3,200 crore ($385 million) in its latest funding round, with contributions from notable investors such as Temasek and the State Bank of India (SBI). This capital injection will facilitate the expansion of Ola's EV business and the development of an innovative lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
Earlier this year, Ola Electric had already amassed over $200 million at a $5 billion valuation. The recent funding round is seen as a stepping stone towards the firm's anticipated Initial Public Offering (IPO), which is projected to be worth Rs 6,000-8,000 crore and planned for early 2024.
Ola Electric, a spin-off from Ola Cabs specializing in two-wheeler EVs, has been successful in raising nearly $1.2 billion since 2019 to boost its two-wheeler production and roll out electric motorcycles and cars. The company currently commands a market valuation of approximately $5–5.5 billion.
The substantial investment of Rs 3,200 crore will catalyze Ola's EV business growth and aid in the establishment of the lithium-ion cell plant in Krishnagiri, Tamil Nadu. This development aligns with the company's strategy to ramp up two-wheeler production and introduce new electric motorcycles and cars to the market.
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