Ola Electric: Ola Electric declared the completion of its loan and equity rounds, which were led by Temasek and included project debt from the State Bank of India, respectively, totalling Rs 3,200 crore. The proceeds would be used to establish India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, as well as to grow Ola’s electric vehicle company.
What did Bhavish Aggarwal say?
Bhavish Aggarwal, founder and CEO of Ola Electric, said: “At Ola, our vision is to end the ICE age in automobiles and our upcoming Gigafactory will be a big leap in India’s journey towards becoming a global EV hub.”
“We are committed towards developing core technologies in EVs and cells and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility. Our investors and lenders have shown deep faith in Ola’s vision, and we thank them for the constant support and encouragement,” he added.
Ola Electric added five more scooters to its lineup, with costs ranging from INR 90,000 to 1.47 lakh. These models, S1 Pro, S1 Air, S1X+, S1X (3kWh), and S1X (2kWh), were presented at Ola’s annual flagship event last month and are built on a cutting-edge Gen-2 platform.