Ola Electric, a maker of electric vehicles, is close to obtaining $300 million for expansion ambitions and other business requirements, according to individuals close to the company.
Close to Raising $300 Million Funding
Ola Electric, a manufacturer of electric vehicles, is reportedly close to securing financing worth roughly USD 300 million for its expansion plans and to meet other business requirements.
The new fundraising effort takes place amid anticipations that Ola Electric will soon break even and turn a profit.
According to the sources, Goldman Sachs would oversee the fundraising, and renowned worldwide investors and sovereign entities would provide the funding.
Within a year of starting to deliver two electric scooters—the Ola S1 and Ola S1 Pro—Ola Electric led the pack of Indian EV manufacturers by volume and revenue, with a run rate of close to $1 billion.
The company is trying to diversify its product offering across the two-wheeler and four-wheeler segments while advancing its plan to develop essential technologies including cell manufacture.
Ola Electric and the Tamil Nadu government recently inked an MoU to purchase land for the construction of the largest EV hub in the world at a single site in Krishnagiri. The company’s four-wheeler manufacturing, cell plant, and supplier ecosystem will all be located at this cluster. According to insiders, the corporation also plans to double the size of its current two-wheeler manufacturing.
The producer of electric two-wheelers has been clocking over 20,000 units per month on average. By April 2023, 500 Experience Centres will be open throughout all major cities as part of its expansion strategy.
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