Ola Electric has closed a USD 200 million round at over USD 5 billion with an increase of 70 per cent compared to the previous round
Ola Electric has reportedly raised about USD 200 million (Rs. 1,500 approximately) from a suite of investors and resultantly the brand is valued at more than USD 5 billion. The report further noted that the company has closed a USD 200 million round at over USD 5 billion with an increase of 70 per cent compared to the previous round.
It has been said that some high profile US-based investors were part of the latest round. Towards the end of last month, Ola Electric announced raising more than USD 200 million in funding from Flacon Edge, SoftBank and other companies with a value of USD 3 billion. It must be noted that Ola raised over USD 600 million before that.
This came courtesy of Tiger Global and Matrix India with a USD 100 million debt from Bank of Baroda revealed back in July 2021. The new funding will aid in accelerating vehicle development as the brand is speculated to be working on multiple electric vehicles including scooters, motorcycles and even four wheelers.
Ola has certainly been good at marketing so far and thus the S1 and S1 Pro crossed Rs. 1,100 crore in a couple of days in sales. Due to the overwhelming demand, Ola will re-commence the reservations only next month. The brand has what has been claimed to be the largest electric two-wheeler production facility in the world in Tamil Nadu.
The first phase of construction of the manufacturing unit has been completed as an investment of Rs. 2,400 was announced. The S1 is claimed to do zero to 40 kmph in four seconds while the zero to 60 kmph is claimed at five seconds. It features Normal, Sport and Hyper rides modes and has 8.5 kW peak power courtesy of the 3.92 kWh battery pack.
Using a 750 kW charger, the S1 can be charged back to 100 per cent in just six hours and the features list comprises reverse mode, hill hold function, cruise control, a seven-inch touchscreen display, custom widgets, turn by turn navigation, live location tracking, voice controls, built-in speakers, and much more.