Ola Electric receives US$ 300 million in latest funding round

Ola plans to ramp up production capacity of electric 2-wheelers from 0.5 million to 2 million units per year.

Ola Electric has raised US$ 300 million in its latest round of funding. The company is now valued at US$ 6 billion.

According to reports, the latest round of funding was headed by a well-known sovereign fund business. While details of the investors weren't provided, it is said that the company's top investor SoftBank Group did not take part in this round.

The fresh investment will be used to ramp up the production capacity of electric 2-wheelers from 0.5 million to 2 million units per year. The company also plans to set up a battery manufacturing unit under the government's production-linked incentive (PLI) scheme.

Ola Electric raised US$ 200 million in January last year at a US$ 5 billion valuation. It has secured around US$ 900 million in funding to date. Some of its biggest investors include Tekne Private Ventures, Alpine Opportunities Fund and Edelweiss.

Source: ET Auto