Indian electric vehicles maker Ola Electric announced on Monday that it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others at a valuation of $5 billion.
The latest financing comes within two months of the Bengaluru-based startup securing about $53 million led by Singapore’s state investment firm Temasek, with participation from Edelweiss, IIFL, and Vijay Shekhar Sharma’s VSS Investco in December, revealed its filings.
Last September, Ola Electric had raised $200 million from Falcon Edge, SoftBank and others at about $3 billion valuation.
Over the last 12 months, Ola Electric has built its ‘Futurefactory’, which it claimed is the world’s largest two-wheeler manufacturing facility, and launched its electric scooter Ola S1. Ola’s facility will employ over 10,000 women at full capacity and will be the largest women-only factory globally, the company said in a statement.
“Ola Electric is… driving cutting edge manufacturing from India for the entire world. With Ola S1 we have changed the entire scooter industry and are now looking forward to bringing our innovative products to more two-wheeler categories, including bikes as well as cars,” said Ola co-founder and CEO Bhavish Aggarwal.
In the past, Ola Electric has raised funding from various investors, including Tiger Global and Matrix India. Last July, Ola Electric had announced signing a $100 million (about Rs 744.5 crore) 10 year-term debt financing agreement with the Bank of Baroda.