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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.

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