Ola Electric plans a billion-dollar fundraise

  • 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.
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