Ola Electric raises over Rs 3,000 crore from Temasek, SBI and others
Ola Electric, one of India’s largest electric vehicle maker has raised around Rs 3,200 crore funding as a part of its equity and debt round raised from Temasek-led marquee investors and project debt from State Bank of India respectively.
The funds will be utilised towards expansion of Ola’s EV business and setting up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu. Ola Electric says it 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.
The company was selected by the government as the only Indian EV company under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh. The ACC PLI scheme will be instrumental in making India self-reliant and localising the most critical aspects of the EV value chain.
Ola Electric is setting up a lithium-ion cell manufacturing facility near Ola’s Futurefactory in Krishnagiri, Tamil Nadu. This is a first of its kind lithium-ion cell manufacturing facility in India with an initial capacity of 5 GWh in phase I which will be further scaled up in phases to 100 GWh at full capacity.
The EV maker which had showcased its motorcycle line-up, which it says will be launched by the end of next year.
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