Following this round of funding, Ola’s EV vertical is valued at $5 billion.
This is Ola Electric’s seventh fundraising–
excluding the $100 million it received from Bank of Baroda— since inception. The company counts Hyundai Motor Co. Ltd., Tiger Global, Matrix Partners India and Ratan Tata as among its investors.
In December last year, the company
raised Rs 398.26 crore (about $52.7 million) in a financing round led by Temasek.
The round also saw participation from IIFL PE through its two funds, IIFL Special Opportunities Fund and IIFL Monopolistic Market Intermediaries Fund; Edelweiss PE; Rahul Mehta, managing partner at DST Global and Paytm founder Vijay Shekhar Sharma’s VSS Investco, among others.
Set up in 2017 to run e-taxis, Ola Electric diversified into manufacturing EVs after the Covid-19 pandemic crippled the company’s ride-hailing business. In February, the company launched the Ola Futurefactory—touted as the world’s biggest electric two-wheeler plant—near Krishnagiri in Tamil Nadu. Ola is also getting into the used car business, even as its taxi vertical is showing signs of a revival.
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