Ola Electric Raises $385 Mln For Business Expansion

Electric vehicle manufacturer Ola Electric raised 3,200 crore rupees ($385 million) to scale up its EV business and build a gigafactory for cell manufacturing.

The funding is part of its equity and debt round raised from Temasek-led investors and project debt from State Bank of India, Ola Electric said in a statement.

Ola Electric aims to accelerate its growth by ramping up its two-wheeler manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of gigafactory.

“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,” Ola Electric Founder and Chief Executive Officer Bhavish Aggarwal said.

The company will set up India's first lithium-ion cell manufacturing facility in Krishnagiri in the southern Indian state of Tamil Nadu.

The manufacturing facility will have an initial capacity of 5 gigawatt hours (GWh) in Phase I and would be further scaled up in phases to 100 GWh at full capacity, according to the statement.

Ola Electric said the gigafactory, which is likely to be operational by early next year, would be equipped to manufacture cells indigenously at scale.

Note: $1 = 83.1317 Indian rupees)

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