Ola Electric Mobility Pvt Ltd, the electric vehicle arm of Ola Cabs’ parent company ANI Technologies Pvt Ltd, has raised $200 million, or nearly 1,500 crore, in a funding round led by Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others, the company said in a statement on Monday.
VCCircle reported in October that Ola Electric was in the final stages of raising $200 million as part of a new round of funding that could value the company at more than $5 billion.
The latest round of funding for Ola Electric comes as the company prepares to launch its scooters in global markets.
“The factory (at Krishnagiri, Pochampalli in Tamil Nadu) is an investment we’re making, which is not just for this range of scooters (but) for the entire range of scooters and bikes. And this factory will be not just for India, but even for global manufacturing. So, as we go to international markets next year, this factory is going to cater to that as well,” Varun Dubey, Ola Electric’s chief marketing officer, had told VCCircle in an interview.
Ola Electric claims that the ‘Futurefactory,’ which will employ more than 10,000 women at full capacity, will be the world’s largest women-only factory and the world’s only all-women automotive manufacturing facility. The company also claims that the factory is the largest two-wheeler manufacturing facility in the world.
The EV company recently announced that it has completed the first batch of S1 and S1 Pro scooter dispatches. The company delayed the delivery of its electric scooters in November, citing a global semiconductor shortage.
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