In a groundbreaking move, Ola Electric has successfully raised a substantial Rs 3,200 crore from Temasek-led investors and the State Bank of India. This influx of funds marks a significant step in the journey to accelerate India’s electric vehicle (EV) revolution.
The substantial investment will play a vital role in supporting Ola’s ambitious expansion plans for its EV division. It’s set to establish India’s pioneering lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, promising to be a significant milestone for the country’s EV sector.
Ola Electric is laser-focused on boosting its two-wheeler production, with plans to unveil electric motorcycles and electric cars in the near future. This investment will also expedite the construction of Ola’s gigafactory.
At the heart of Ola’s vision is to transition India away from internal combustion engines (ICE) towards a cleaner, sustainable EV future. The upcoming gigafactory will undoubtedly propel India into the global EV arena.
Bhavish Aggarwal, Founder & CEO of Ola Electric, expressed his dedication to developing core EV technologies, emphasizing the urgency in scaling up manufacturing to speed up the transition to sustainable mobility.
Ola Electric’s pivotal role in the government’s cell PLI scheme has paved the way for an impressive maximum capacity of 20 GWh, setting the stage for a transformative future in EVs.
Stay tuned for more electrifying updates as Ola Electric continues its journey towards a greener, more sustainable India.
