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Investors, SBI shows confidence on Ola Electric: EV firm raises Rs 3,200 cr
Ola Electric
announced on Thursday that Temasek-led investors and State Bank of India (SBI) have contributed Rs 3,200 crore to the company. The business declared the successful conclusion of the investment round led by State Bank of India and Temasek.The company stated in a statement that the money raised would be used to establish India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, as well as to expand Ola's electric vehicle business.
The Bengaluru-based company has stated that it plans to fast-track the building of a gigafactory, increase its two-wheeler manufacturing capacity, and introduce electric motorbikes and automobiles in order to expedite its growth.
At Ola Electric, we want to put an end to the ICE (internal combustion engine) era in cars. Our future gigafactory will significantly advance India's efforts to become a global powerhouse for electric vehicles," Bhavish Aggarwal, the founder and CEO of Ola Electric, said.
"We are dedicated to developing core technologies in
EVs
and cells and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility."Under the government's ambitious cell PLI project, Ola Electric was chosen and granted a maximum capacity of 20 GWh.