Bengaluru-based Ola Electric has raised $300 million (Rs 2,500 crore) in a funding round led by a sovereign fund company. A report by Business Standard claims that the start-up also received an overwhelming response from other investors.
When asked, an Ola spokesperson denied making a comment on the recent fundraising round.
The recently raised round would help the company to push its valuation to $6 billion.
Prior to this, it raised $200 million at a valuation of $5 billion in January 2022 from companies like Tekne Private Ventures, Alpine Opportunities Fund and Edelweiss.
According to media reports, Ola will utilise the recently-infused fund in ramping up the capacity of its electric two-wheelers from 0.5 million to two million per annum. Additionally, it will set up an advanced cell chemistry battery plant. The company is also working to build an electric passenger car facility.
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It recently announced its plan to develop a 10 million per annum two-wheeler plant and also wanted to increase its cell-making battery capacity from 20 gigawatt-hours (GWH). The company is also eligible for PLI to 1,000 GWH to meet the requirement.
The company is currently managing a revenue run rate of $1.2 billion and it is EBITDA positive on its two-wheeler business. It is aiming to hit sales of one million by this year. It has sold 3,00,000 e-scooters till date.
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