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India’s leading escooter player Ola Electric raises $385 Mn

27Oct By PriyankaNo Comments

FUNDING

India’s leading escooter player Ola Electric raises $385 Mn

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 it...

Singapore based eScooter startup Beam secures $26 million funding

Singapore, 1 June 2020 – Beam, Singapore based leading eScooter startup raises US$26 million in Series A round of funding. The funding round was led by Sequoia India and Hana Ventures and included investors across APAC. Beam is forging a new path for micromobility in contrast to the established dockless model that allows scooters to be parked anywhere on city streets. For Beam, the future is docked. Having a “virtual docked” model ensures riders park in predetermined parking spots by offering incentives through the Beam mobile app. "We're grateful to our incredibly supportive investors who believe in our unique 'virtual dock' approach to micromobility and continue to support us through a very uncertain macroeconomic environment. I'm really excited about our new technology an...

Time Has Came To Accelerate Electric Mobility Sale

"To reduce India's humungous fuel import dependency, as well as to tackle the menace of vehicular pollution in our cities, the government needs to galvanize the eco-system for E-vehicles in the country. The Union budget 2016-17 can be an ideal exercise in this direction and built upon the momentum over the previous budget", said Sohinder Gill, director of the Society of Manufacturers of Electric Vehicles (SMEV). He reminded the government that in the previous union budget 2015-16, FAME India (Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India) policy was unveiled, and lamented that the sale of electric vehicles has not picked up as expected. Mild hybrid vehicles have a marginal effect on emissions and crude oil consumption, but being the easiest to implement, ...