Mumbai: Ola Electric The EV arm of the ride-hailing startup said it has raised more than $200 million from Falcon Edge and SoftBank Group Corp, at a valuation of $3 billion.

funding will strengthen
Ola’s “Mission Electric”– Only electric two-wheelers will be sold in India after 2025 – and will accelerate the development of other vehicle platforms, including electric motorcycles, mass-market scooters.
and an electric car, according to a statement.

“I thank our existing investors and welcome new investors to Ola. Together we will bring the dynamism and stability of a billion to the future.” hello ceo Bhavish Aggarwal said.

This is Ola Electric’s fifth fundraising- except
$10 million it received from Bank of Baroda Last year – since inception,
According to Traxon Data. The company counts Hyundai Motor Company, Tiger Global and Matrix Partners India and Ratan Tata among its investors.

Established in 2017 to drive electric taxis, Ola Electric diversified into manufacturing electric vehicles as the pandemic crippled the company’s ride-hailing business. In February, the company launched the Ola Futurefactory—touted to be the world’s largest electric two-wheeler plant—near Krishnagiri in Tamil Nadu.
Ola is also getting into the used car business., even as its taxi vertical
showing signs of resurrection.

scooter sales

Fundraising announcement comes two weeks later
Ola sells electric scooters worth Rs 1,100 crore During the two days when the purchase window was open.

Hailstone
restart Sale and booking of its electric scooters – S1 and S1 Pro – on 15th September only on Ola app, after becoming the website for purchase
ran into technical difficulties in the last week. Agarwal had then tweeted that sales had hit a peak of 4 units per second on 16 September.

“In a total of two days, we have raked in over Rs 1,100 crore in sales! This is not only unprecedented in the automotive industry, but it is also the highest in a single day (by value) for a single product in Indian e-commerce. One of more sales is history,” Agarwal said in a blog post. “We are truly living in a digital India.”

The purchase window has now closed, but the scooters can still be booked on Ola Electric’s website. The sale will resume from November 1.

Read also:
Ola wants to be the Tesla of affordable EVs

Scooter

NS Ola Electric Scooter
Reduces rival offerings On the price front, Ather Energy from Bajaj Auto and TVS Motors but still promises more range and higher performance.

Launched at a starting price of Rs 99,999, which includes FAME II subsidy but excluding state-level tax breaks, the Ola electric scooters come in two variants:

• The cheaper Ola S1, which packs a 2.98 kWh battery, is enough to travel 121 km on a single charge. Top speed is restricted at 90 kmph.
• The expensive Ola S1 Pro, which packs a 3.97 kWh battery with a range of 181 km. Its top speed is 115 kmph.

Ola will also launch an at-home service network in every city where it sells its EVs and said buyers can expect the overall cost of ownership for their EVs to be 40% lower than the petrol-powered scooters in the market today. Huh.

The scooter also includes features like keyless lock/unlock, different modes and profiles for different riders, and will even allow riders to set a mood which will change the sound and display graphics. Both the models will also get reverse mode and hill-hold assist.

Read also:
Ola to launch IPO in early 2022

“Today only about 160 million people in India have a two-wheeler and this will increase significantly,” Agarwal said.
Said at launch event on 15 August. “While we need our people for mobility solutions, we cannot let it be a petrol vehicle. There is only one way to accelerate this electric journey, and this is the vision with which we started Ola Electric.”