Bengaluru, 27th Oct 2023: Ola Electric, a leading player in the electric vehicle (EV) industry, has recently secured an impressive funding amount of Rs 3,200 crore. This substantial investment comes from prominent investors, including Temasek and State Bank of India (SBI).
In an official statement, Ola Electric proudly announced the successful conclusion of this funding round, led by Temasek and SBI. The company plans to allocate these funds towards the expansion of its EV business, as well as the establishment of India’s inaugural lithium-ion cell manufacturing facility. This facility will be situated in Krishnagiri, Tamil Nadu.
Looking forward, the Bangalore-based firm is eager to accelerate its growth trajectory in the EV market. Ola Electric aims to achieve this by ramping up its two-wheeler manufacturing capacity, followed by the launch of electric motorcycles and ultimately, electric cars. Furthermore, the company is also expediting the construction of its gigafactory.
Founder and CEO of Ola Electric, Bhavish Aggarwal, expressed the company’s vision to revolutionize the automotive industry by phasing out internal combustion engines. He emphasized the significance of the upcoming gigafactory, stating that it will play a pivotal role in transforming India into a global EV hub. Ola Electric remains dedicated to developing core EV technologies and scaling up its manufacturing capabilities to hasten the shift towards sustainable mobility.
It is worth noting that Ola Electric was selected by the government as a participant in the cell PLI (Production-Linked Incentive) scheme. Under this program, the company has been granted a maximum capacity of 20 GWh, highlighting the government’s recognition of its industry-leading potential.
With this new injection of funds, Ola Electric is poised to make significant strides in the EV sector. By harnessing the power of sustainable transportation, the company is playing a crucial role in propelling India towards a greener and more energy-efficient future.