Ola Electric has raised more than $200 million in pre-IPO funding from Falcon Edge, Softbank Group, and others at a $3 billion valuation.

Ola Electric will use the new funds to develop vehicle platforms such as electric motorbikes, mass-market scooters, and its electric car, according to a statement from the Indian ride-hailing company.

It was previously reported that Ola intends to raise up to $1 billion through an initial public offering.

On its platform, Ola offers rides on electric scooters and three-wheelers manufactured by others. It has also set up battery-swapping stations in several Indian cities.

According to the company, it sold over Rs 1,100 crore in electric scooters in just two days in September. The Ola S1 electric scooter costs Rs 1 lakh, while the S1 Pro costs Rs 1.3 lakh.

“Today’s announcement will strengthen Ola’s “Mission Electric,” which calls on the industry and consumers to commit to electric and ensure that no petrol two-wheelers are sold in India after 2025,” the company said in a statement.

According to Reuters, India currently sells 23 million scooters, motorcycles, and cars per year, with electric vehicles accounting for only a small portion of that total.

Bhavish Aggarwal founded Ola in 2010 and now controls the majority of the Indian ride-hailing market.

“We are honoured to be at the forefront of the EV revolution from India to the rest of the world. “India has the talent and capability to build future technologies for future industries for the entire world,” Ola founder and CEO said in a statement.

In 2019, the startup raised $250 million in Series B funding from SoftBank, increasing the startup’s value by more than $1 billion. The startup intends to launch the next purchase festival on November 1st, during the Diwali festival.

Copy link
Powered by Social Snap