November 27, 2022

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Ola Electric raises over $200 million in funding 

Ola Electric raises over $200 million

Ola Electric raises over $200 million in funding 

Ola Electric an arm of the ride-hailing startup has announced that it has raised over $200 million in a funding round, led by Falcon Edge, Softbank and others. The latest funding round took the company’s valuation to $3 billion. Read further to know about Ola Electric raises over $200 million. 

This fresh funding will strengthen Ola’s Mission Electric. This funding is the company’s fifth fundraising excluding the $10 million it received from Bank of Baroda last year.

Ola founder and CEO Bhavish Aggarwal said that “I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future.”

“We are proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world,” he added.

The fundraising comes when Ola has sold ₹1,100 crore two-wheeler electric vehicles in a two-day sale. The company has offered its first electric scooter range comprising the S1 and S1 Pro models to customers.

In August the Ola Electric has launched its much-awaited electric scooters Ola S1 and Ola S1 Pro with a price tag of Rs 99,999 and Rs 1.29 lakh respectively. This price is ex-showroom including FAME II subsidy and excludes state subsidies. It can be purchased from 8th September and the deliveries will commence from October in 1,000 cities and towns all across India.

The electric scooter is powered by a Hyperdrive motor that can produce a peak power output of 8.5kW. S1 is said to have a top speed of 90 Km/hr and with a 2.98-kilowatt-hour battery pack, it can give a range of 121 Km, while the Ola S1 Pro will have a top speed of 115 Km/hr and a 3.97-kilowatt-hour battery pack, it can give a range of 181 Km. Both the models can accelerate 0 to 40km/hr speed in 3.6 sec and 3 sec respectively. Ola S1 and Ola S1 Pro come with 2 riding modes normal and sports and normal, sports and hyper.

Also read related article: List of electric vehicles startups funding in India 

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