Ola Electric raised $50M in debt financing from EvolutionX for capacity expansion and IPO preparation.

Apr 01, 2024•over 1 year ago

Amount Raised

$50 Million

MumbaiAutomotive

Investors

Evolution X

Description

Ola Electric has raised $50 million through non-convertible debentures from EvolutionX. The funding will be used for expanding the capacity of its cell manufacturing plant, repayment of debt, research and product development, and general corporate purposes.

Company Information

Company

Ola Electric

Location

100 Feet Road

Mumbai, Maharashtra, India

About

Ola Electric is an Indian electric vehicle manufacturer established in 2017 by Bhavish Aggarwal, who is also a co-founder of Ola Cabs. The company specializes in designing and producing electric two-wheelers, particularly the Ola S1 series of electric scooters, which are tailored for high performance and longer battery range in Indian conditions. The company operates a vertically integrated business model that encompasses manufacturing, sales, and service. Its flagship facility, the Ola Futurefactory in Tamil Nadu, is the largest two-wheeler EV factory in the world, designed to produce millions of electric scooters annually. Ola Electric also offers a growing network of service centers and charging infrastructure to support its customers. Ola Electric has attracted significant investment from major investors, raising over $1.2 billion to fuel its expansion and innovation. The company aims to promote sustainable mobility and reduce reliance on fossil fuels, positioning itself as a key player in the electric vehicle market.

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