Ola Electric raises $300 million at a valuation of $6 billion – Times of India

Bengaluru-based electric-vehicle start-up Ola Electric has raised $300 million in its latest funding round as per a business outlet. With this latest development, the company’s valuation is expected to touch the $6 billion valuation mark.
As per the report, a leading sovereign firm has led the funding round while the SoftBank Group, one of the first major investors in the company, didn’t participate this time around. The paper work for the deal is all set to finalised in the coming weeks.
Ola Electric had earlier raised $200 million at a valuation of $5 billion last year in a round led by investors such as Tekne Private Ventures, Alpine Opportunities Fund, and Edelweiss.

Proceedings from the latest funding round will be utilised to facilitate the EV manufacturer’s aggressive expansion plans which include ramping up its electric two-wheelers production from 0.5 million to 2 million annually, setting up over 500 experience centres by mid 2023, and setting up an advanced cell chemistry plant among others.
The company also plans to venture into the production of electric passenger cars, for which, it is expected to set up a production plant by next year. Since its operations began in 2021, the company has been successful in capturing the electric two-wheeler market share quite significantly.
As per the retail data released by industry body Federation of Automobile Dealers Association, the EV maker retailed 21,882 units in April, registering an impressive 72.19 percent growth as compared to 12,708 units clocked in the corresponding month last year.