Ola Electric is an Indian company that provides electric mobility solutions based in Bangalore, India.
The electric mobility startup that aims to build a fleet of electric vehicles for last-mile connectivity for intra-city. And inter-city commutes has made fresh funding round where it garnered USD 200 million in seed round.
Funding backed by investors such as Edelweiss, Tekne Private Ventures and Alpine Opportunity Fund taking its valuation to USD 5 billion.
After launching in 2017.Ola Electric has already moved from a valuation of USD 3 billion to USD 5 billion from last September.
This valuation increase is a huge accomplishment. If you’re not familiar with Ola Electric, you may ask why it’s called that.
Ola S1
The company has two-wheeled electric scooters they sell to customers. Now going back to the valuation, this growth is coming off some controversy earlier this year.
While that may not be the kind of attention a business would like to receive. Previous investments had increased by this much in many fewer months.
As electric vehicles look poised to have a more significant role in the transportation industry.Word of a big funding round is music to the ears for everyone.
After securing Ola Electric’s funding, CEO and Co-founder Bhavish Aggarwal said, “I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world,”
The leading ride-hailing services provider announced. And it is planning to use the recent investment round to build its capabilities across departments.Including product, technology, charging infrastructure,
Ola Electric is an Indian electric vehicle company has manufactured its first electric scooter called the Ola S1. The company sells the electric scooter S1 in India for USD 1,350, close to Rs 1 Lakh in Indian currency. The scooter is capable of going 75 miles with a single charge.
via Tech Crunch
