Ola Electric raises $385 Mn

Ola Electric raises $385 Mn (Rs 3000 crore) from State Bank of India and Temasek-led investors in a funding round.

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Ola will utilize these funds in EV business and for India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu

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Ola has been valued at around $5.4 billion (Rs. 44,4410 crore) post allotment.

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Ola Electric plans to kick-off the lithium-ion cell facility with 5 gigawatt hours capacity in first phase.

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Ola is also looking further to scale up to 100 gigawatt hours n the next phases

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Ola introduced its motorcycle line-up to be launched by the end of next year

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Ola Electric raises $385 Mn