Ola Electric Gets $200 Million From Falcon Edge, Softbank At $3 Billion Valuation

Ola has received off to a flying begin with its entry-level electrical scooters - the S1 and S1 Pro.

New Delhi: Ola Electric on Thursday introduced that it has raised over $200 million in funding led by Falcon Edge, Softbank and others, at a valuation of $3 billion. The electrical two-wheeler producer stated it can speed up growth of different car platforms together with electrical bike, mass market scooter and its electrical automotive. The funding "will further strengthen Ola's 'Mission Electric' – which urges the industry and consumers to commit to electric and ensure that no petrol two-wheelers should be sold in India after 2025," the Bengaluru-based firm additional stated.

"The fundraise comes at a time when Ola has already set the benchmark in two wheeler sales by selling over $150 million of scooters in its first purchase window," Ola Electric said.

Bhavish Aggarwal, Founder and CEO, Ola, stated "India has the talent and the capability to build technologies of the future for the industries of the future for the entire world. I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future."

As of now, Ola has received off to a flying begin with its entry-level electrical scooters - the S1 and S1 Pro. The Ola S1 may be bought for Rs 99,999 (ex-showroom) and the Ola S1 Pro may be bought for Rs 1,29,999 (ex-showroom). Both these costs are listed with out the subsidies electrical autos can get in numerous Indian states.

The Ola S1 e-scooter comes with a claimed vary of 121km and a high velocity of 90kmph. Ola S1 Pro will get a claimed 181km vary and a high velocity of 115kmph. The vanilla Ola S1 has Normal and Sports using modes whereas the Ola S1 Pro will get Normal, Sports, and Hyper using modes.

Ola Electric stated it has constructed its Futurefactory that has accomplished section 1 development and is at present present process manufacturing trials. Its two-wheelers' manufacturing plant is in Tamil Nadu.

It additionally talked about that the Ola Futurefactory is world's largest manufacturing unit that's totally run by girls. "At full scale, it will have over 10,000 women employed," it added.