Contact Information

160 Robinson Rd, #14-04
Sit Rd, SBF Center, Singapore 068914

The Bengaluru-based startup, Ola Electric, has secured $384.43M funding round. A significant portion, about $240M, is in debt. The result? A valuation of $5.4B.

  • Lead Investor: Singapore’s sovereign wealth fund, Temasek, leads the funding round, which also includes contributions from the government-supported State Bank of India.
  • Product Line Update: Ola Electric continues to innovate, recently launching new affordable versions of their flagship S1 electric scooter and an upgraded model. This has propelled them to a commanding position in the EV scooter market, with a share of over 30%.
  • Cost Efficiency: High-end EVs like Ola’s are 13-23% cheaper than traditional ICE scooters over a five-year ownership period, according to JP Morgan. The Ola S1 Air and X models are even more economical than entry-level motorcycles.
  • Business Expansion: Despite a loss of over $130M in the last financial year, Ola Electric is all set to expand its operations. The raised funds are earmarked for establishing India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola Electric is devoted to developing key EV technologies, scaling manufacturing rapidly, and accelerating the transition to sustainable mobility.

client banner image


Leave a Reply

Your email address will not be published. Required fields are marked *