Ola Electric secures Rs 3,200 crore for electric vehicle endeavours

Ola Electric announced on Thursday that it has raised Rs 3,200 crore in funding from investors led by Temasek and the State Bank of India.

According to the company's official statement, the raised capital will be allocated to support the growth of Ola's electric vehicle (EV) enterprise and the establishment of India's inaugural lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Based in Bengaluru, the company has plans to accelerate its expansion, which include increasing its production capacity for two-wheelers, launching electric motorcycles, subsequently introducing electric cars, and expediting the construction of a gigafactory.

Bhavish Aggarwal, Founder and CEO, Ola Electric, said, "At Ola, we are dedicated to ending the era of internal combustion engine vehicles, and our upcoming gigafactory will play a pivotal role in India's quest to become a global EV hub. We are wholeheartedly committed to advancing EV and cell technology, while also rapidly expanding our manufacturing operations to expedite the shift towards sustainable transportation."

Notably, Ola Electric was chosen by the government to participate in the ambitious cell PLI (Production-Linked Incentive) scheme, granting it a maximum production capacity of 20 gigawatt-hours.

(With PTI Inputs)