Ola Electric has raised $200 million from Tekne Private Ventures, Edelweiss and others

CIOReviewIndia Team | Monday, 24 January 2022, 09:32 IST

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Ola Electric has raised $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others, the company said in a statement.

Following this round of funding, Ola's EV vertical is valued at $5 billion.

In September last year, Ola Electric had announced raising a similar amount in funding from Falcon Edge, SoftBank and others that had valued the company at $3 billion.

"Ola Electric is creating India's EV revolution and is driving cutting edge manufacturing from India for the entire world. With Ola S1, the best scooter ever made, we have changed the entire scooter industry and are now looking forward to bringing our innovative products to more two-wheeler categories, including bikes as well as cars," Ola cofounder and CEO Bhavish Aggarwal said in a statement.

"I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world," he added

This is Ola Electric's seventh fundraising-- excluding the $100 million it received from Bank of Baroda-- since inception. The company counts Hyundai Motor Co. Ltd., Tiger Global, Matrix Partners India and Ratan Tata as among its investors.

In December last year, the company raised Rs 398.26 crore (about $52.7 million) in a financing round led by Temasek.

The round also saw participation from IIFL PE through its two funds, IIFL Special Opportunities Fund and IIFL Monopolistic Market Intermediaries Fund; Edelweiss PE; Rahul Mehta, managing partner at DST Global and Paytm founder Vijay Shekhar Sharma’s VSS Investco, among others.

Set up in 2017 to run e-taxis, Ola Electric diversified into manufacturing EVs after the Covid-19 pandemic crippled the company’s ride-hailing business. In February, the company launched the Ola Futurefactory—touted as the world's biggest electric two-wheeler plant—near Krishnagiri in Tamil Nadu. Ola is also getting into the used car business, even as its taxi vertical is showing signs of a revival.

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