Ola Electric Raises $385 Million in Funding

Ola Electric is India’s largest electric vehicle manufacturer that revolutionizes urban transportation by providing sustainable and affordable mobility solutions to people across the country. Apart from scooters, Ola Electric is also expanding its portfolio to include electric cars, two-wheeler models, and even charging stations. The firm intends to reject petrol and commit to electric vehicles by making sure no petrol two-wheelers are sold in India after 2025.

Ola Electric has raised $385 million in a new funding round. This round, comprising both equity and debt, was led by prominent investors led by Temasek and the State Bank of India (SBI). In total, Ola Electric has raised more than $1 billion till that moment.

Ola Electric, Bengaluru, Karnataka, India, was founded in 2017 by Anand Shah, Ankit Jain, and Bhavish Aggarwal. The company was owned by Ola Cabs ANI Technologies. In 2019, Ola Electric made its debut in the electric vehicle market with the launch of the Ola Electric scooter. The scooter was designed and developed in-house by Ola Electric’s team of engineers and designers. In 2019, the company joined the unicorn club.

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