Ola Electric Secures INR 3,200 Crores Funding for EV Expansion and GigaFactory in Tamil Nadu!
In a significant stride towards transforming India’s automobile landscape, Ola Electric, the nation’s foremost EV company, has successfully concluded a funding round, securing a substantial sum of INR 3,200 crores. This funding, sourced from prominent investors led by Temasek and project debt from the State Bank of India, will play a pivotal role in accelerating Ola’s electric vehicle business.
The funds acquired will be strategically utilized to expand Ola’s electric vehicle manufacturing capacity. The company’s immediate plans involve ramping up the production of 2-wheelers, with a subsequent focus on electric motorcycles and cars. Additionally, a significant portion of the funding will be allocated towards the establishment of India’s pioneering lithium-ion cell manufacturing facility, located in Krishnagiri, Tamil Nadu.
Bhavish Aggarwal, the Founder & CEO of Ola Electric, expressed his enthusiasm, stating, “At Ola, our vision is to usher in a new era in Indian transportation by embracing electric vehicles. Our forthcoming Gigafactory represents a significant leap in India’s journey towards becoming a global EV hub. We are dedicated to advancing core EV technologies and scaling up our manufacturing capabilities to expedite the transition to sustainable mobility. The unwavering support from our investors and lenders reinforces our commitment to this vision.”
Remarkably, Ola Electric stands as the sole Indian EV company chosen by the government to participate in its ambitious cell PLI (Production-Linked Incentive) scheme. Under this initiative, Ola Electric has been granted a maximum capacity of 20 GWh, a development poised to enhance India’s self-reliance and localize critical aspects of the EV value chain.
The company is in the process of setting up a groundbreaking lithium-ion cell manufacturing facility near its Futurefactory in Krishnagiri, Tamil Nadu. This facility, the first of its kind in India, will initiate operations with an initial capacity of 5 GWh in its first phase, scaling up to an impressive 100 GWh at full capacity. This initiative will significantly contribute to India’s energy independence.
Ola Electric, a trailblazer in India’s EV revolution, has also diversified its product portfolio with cutting-edge innovations in cell technology. The company recently unveiled an expanded scooter lineup, offering a range of products catering to various price points. Additionally, Ola Electric is gearing up for the launch of an impressive motorcycle lineup, featuring models such as Diamondhead, Adventure, Roadster, and Cruiser, designed to meet diverse consumer preferences.
This strategic funding and expansion drive are significant milestones in India’s journey towards sustainable mobility. Ola Electric’s relentless pursuit of innovation and commitment to environmental consciousness make it a frontrunner in shaping the future of transportation in India.
