The electric vehicle manufacturer sold scooters in India worth $150 million in just two days when it opened bookings.

Ola Electric, which is building the world’s largest two-wheeler production facility, spread out over a total of 500 acres of land in Tamil Nadu, India, and run by an all-women workforce, announced the raise of $200 million to hasten the development of other vehicle platforms besides its electric scooter line. (Tech2)

Previously, in July, the EV startup availed a $100 million, 10-year term loan from India’s Bank of Baroda for the factory. It would initially start with 10 lakh annual production capacity and then scale it up to 20 lakh, in line with market demand, in the first phase.

The company had claimed that its plant – when fully completed – would have an annual capacity of one crore units, “that is 15 per cent of the world’s entire total two-wheeler production.”

Ola valued at $3 billion

The funding round, which valued Ola Electric at $3 billion, was led by global asset manager Falcon Edge Capital, Japan’s Softbank and other firms. Founded in 2017, the firm was valued at $1 billion in 2019.

“We’re proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world,” said Ola Electric CEO Bhavish Aggarwal. “I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future.”

Ola Electric and Ola, the ride-hailing startup, are separate businesses held by ANI Technologies.

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