Ola Electric Has raised Rs 3,200 crore. The funding was raised in an equity and debt round led by Temasek. This funding will help Ola Electric expand its electric vehicle (EV) business and build India’s first indigenous lithium-ion cell plant.
Funding details
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Total amount of funding: Rs 3,200 crore
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Funding led by: Temasek
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Other investors: State Bank of India (SBI), Canada Pension Plan Investment Board (CPPIB), and Tiger Global Management
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Use of funding: Doubling EV production capacity, building indigenous lithium-ion cell plants
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Plan to double EV production capacity
Target to produce 10 million EVs
Ola Electric has said that it will use this funding to double its EV production capacity. The company aims to produce 10 million EVs per year by 2024. Ola Electric currently has an EV production plant in Krishnagiri district of Tamil Nadu. This plant is capable of producing 2 million EVs per year. The company has said that it will invest Rs 2,400 crore to double the capacity of this plant.
Construction of India’s first indigenous lithium-ion cell plant
Ola Electric has also announced the construction of India’s first indigenous lithium-ion cell plant. This plant will be established in Krishnagiri district of Tamil Nadu. An investment of Rs 2,400 crore will be made in setting up the plant and it will become operational in 2025. Ola Electric says this plant will be India’s largest lithium-ion cell production facility with a capacity of 10 GWh per year. This plant will help in promoting the growth of EV industry in India.
Ola was established in 2017
Ola Electric is an Indian electric vehicle manufacturer. The company was established in 2017 in Bengaluru, India. Ola Electric is one of the largest EV manufacturers in India. The company had sold more than 1.5 lakh EVs in 2022. Ola Electric plans to increase its share in the EV market in India. The company has said that it wants to achieve 50% EV market share in India by 2024.
importance of funding
The funding of Rs 3,200 crore by Ola Electric is an important step. This funding will help the company expand its EV business and increase its share in the EV market in India. With this funding, Ola Electric will be able to double its EV production capacity. This will enable the company to produce 10 million EVs per year. With this funding, Ola Electric will also be able to build India’s first indigenous lithium-ion cell plant. This plant will boost the development of EV industry in India. Overall, the funding of Rs 3,200 crore by Ola Electric is an important step that will help boost the growth of the EV market in India.