The electric vehicle arm of ANI Technologies, Ola Electric has raised $200 million in its latest funding round at a valuation of $5 billion with the participation of Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others.
The founder and chief executive officer of Ola, Bhavish Aggarwal has said that the company is creating an EV revolution in India and is driving cutting edge manufacturing from India for the entire world. He also claimed that Ola Electrics has changed the entire scooter industry with Ola S1 and is looking forward to bringing more innovative products including cars and bikes.
Ola was founded in 2010 by Bhavish Aggarwal and Ankit Bhati and has raised more than $4 billion to date. Ola Electric was established in 2017 to operate the electric taxis of the company. Later, it established the largest electric two-wheeler manufacturing unit in Tamil Nadu which is entirely run by women.