In July, Ola Electric raised $100 million from state-run Bank of Baroda to finance the first phase of construction of what the company claimed would be the world’s largest electric two-wheeler factory.
On 15 August, Ola Electric unveiled its S1 and S1 Pro electric scooter models, taking on rival startups and established automakers such as Ather Energy, Bajaj Auto and TVS Motors.
Before the SoftBank round, the company raised ₹400 crore from Tiger Global Management and Matrix Partners India, which, like SoftBank, are large minority investors in Ola’s parent ANI Technologies Pvt. Ltd. In 2020, Ola acquired Amsterdam-based electric scooter maker Etergo, with plans to launch its own version in 2021.