Ola Electric raises Rs 3,200 cr to fund EV business

New Delhi, Ola Electric on Thursday said it has raised Rs 3,200 crore from Temasek-led investors and State Bank of India. The company announced the successful closure of the funding round from Temasek-led investors and State Bank of India.

The funds raised would be utilised towards expansion of Ola's EV business and setting up India's first lithium-ion cell manufacturing facility at Krishnagiri, Tamil Nadu, the company said in a statement.

The Bengaluru-based firm aims to accelerate its growth by ramping up its two-wheeler manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of gigafactory, it added.

"At Ola, our vision is to end ICE (internal combustion engine) age in automobiles and our upcoming gigafactory will be a big leap in India's journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility," Ola Electric Founder & CEO Bhavish Aggarwal said.

Ola Electric was selected by the government under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh.