Ola Electric raises over $200 million

Ola Electric Mobility Pvt. Ltd has raised more than $200 million in a round led by SoftBank and Falcon Edge, among others, at a valuation of $3 billion, bolstering its plans to enter new vehicle categories.

The electric scooter maker plans to use the capital to develop other EV platforms such as electric motorcycles, mass-market scooters and an electric car, it said on Thursday. “India has the talent and the capability to build technologies of the future for the industries of the future for the entire world. I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability to the future,” said Bhavish Aggarwal, co-founder, chairman and group chief executive officer of Ola Cabs. Aggarwal is also the founder of Ola Electric.

Ola Electric, which was founded in 2017, was last valued at more than $1 billion when it raised $250 million from SoftBank in July 2019. This also marks SoftBank’s second investment in Ola’s EV venture.

It launched its first electric scooter range comprising the S1 and S1 Pro models earlier this month. On September 17, Ola Electric said it sold more than ₹1,100 crore worth of electric scooters during a two-day sale. A day prior to that, the first day of the sale, the firm clocked ₹600 crore in sales and claimed it sold four scooters every second in the first 24 hours. A second sale is being planned, starting November 1, coinciding with Diwali.