New Delhi: Ola Electric has raised more than $200 million from SoftBank Group, Falcon Edge and others at a valuation of $3 billion ahead of its plan to launch IPO.
With the new funds, Ola Electric will develop vehicle platforms including electric motorbike, mass market scooter and its electric car, the Indian ride-hailing company said in a statement Thursday.
It was reported earlier that Ola plans to raise up to $1 billion through an initial public offering.
Ola already offers rides on electric scooters — S1 and S1 Pro — and three-wheelers made by other manufacturers on its platform. It has also set up battery-swapping stations across several cities in India.
The company claims that it has sold electric scooters worth over Rs 1,100 crore in just two days in September. The Ola S1 electric scooter costs Rs 1 lakh while the S1 Pro is priced at Rs 1.3 lakh.
“Today’s announcement will further strengthen Ola’s “Mission Electric” – which urges the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025,” the company said in the statement.
India currently sells 23 million cars, scooters and motorcycles in a year, and electric vehicles make up only a fraction of that, according to a Reuters report.
Founded by Bhavish Aggarwal in 2010, Ola holds a majority share of the ride-hailing market in India.
“We’re proud to lead the EV revolution from India to the world. India has the talent and the capability to build technologies of the future for the industries of the future for the entire world,” the Ola founder and CEO said in the statement.
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