Ola Electric, a prominent Indian electric vehicle (EV) manufacturer, has raised Rs 3,200 crore in a funding round. The round was led by marquee investors including Temasek and involved debt from State Bank of India. The funds are set to be utilized for the expansion of Ola's EV operations and the establishment of India's inaugural lithium-ion cell manufacturing plant in Krishnagiri, Tamil Nadu.
As part of its growth strategy, Ola Electric plans to increase two-wheeler production and introduce an electric motorcycle series by the end of next year. The company also aims to initiate electric car production and speed up the construction of a Gigafactory.
CEO Bhavish Aggarwal views these initiatives as vital for transitioning from internal combustion engines (ICE (NYSE:ICE)) to sustainable mobility. He believes these steps will position India as a global EV hub. In line with this vision, Ola has been awarded a 20 GWh maximum capacity under the government's cell Production Linked Incentive (PLI) scheme.
The manufacturing unit is expected to commence with a 5 GWh capacity in its initial phase, eventually reaching 100 GWh at full capacity. Ola's commitment also extends to developing core EV technologies under the Advanced Chemistry Cell (ACC) PLI scheme.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.