- The electrical scooter maker plans to make use of the capital to develop different EV platforms akin to electrical bikes, mass-market scooters and an electrical automotive
PUBLISHED ON OCT 01, 2021 05:35 AM IST
Ola Electrical Mobility Pvt. Ltd has raised greater than $200 million in a spherical led by SoftBank and Falcon Edge, amongst others, at a valuation of $3 billion, bolstering its plans to enter new car classes.
The electrical scooter maker plans to make use of the capital to develop different EV platforms akin to electrical bikes, mass-market scooters and an electrical automotive, it mentioned on Thursday. “India has the expertise and the aptitude to construct applied sciences of the long run for the industries of the long run for the whole world. I thank our present traders and welcome new ones to Ola. Collectively we are going to deliver mobility to a billion and sustainability to the long run,” mentioned Bhavish Aggarwal, co-founder, chairman and group chief govt officer of Ola Cabs. Aggarwal can be the founding father of Ola Electrical.
Ola Electrical, which was based in 2017, was final valued at greater than $1 billion when it raised $250 million from SoftBank in July 2019. This additionally marks SoftBank’s second funding in Ola’s EV enterprise.
It launched its first electrical scooter vary comprising the S1 and S1 Professional fashions earlier this month. On September 17, Ola Electrical mentioned it bought greater than ₹1,100 crore value of electrical scooters throughout a two-day sale. A day previous to that, the primary day of the sale, the agency clocked ₹600 crore in gross sales and claimed it bought 4 scooters each second within the first 24 hours. A second sale is being deliberate, beginning November 1, coinciding with Diwali.
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