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HomeCURRENT AFFAIRSOla Electric raises $140 million funding, Details

Ola Electric raises $140 million funding, Details

ola Electric has raised $140 million and has been evaluated at $5.4 biliion.

Ola Electric: Ola Electric, one of the leading businesses in the electric two-wheeler market, has received a $140 million investment. The company has received this investment as part of a fundraising round spearheaded by Singapore investment firm Temasek. Ola Electric’s worth has been established at $5.4 billion as a result of this.

Ola Electric raises $140 million

This investment is worth over Rs 1,164 crore at the current currency rate. Ola Electric intends to file documents for an Initial Public Offering (IPO) in the near future. According to Reuters, the corporation could receive funding before this date. Temasek has already made a capital investment in Ola Electric. SoftBank Group of Japan is also a part of this fundraising round. Ola Electric is also gearing up to enter the electric motorcycle and electric vehicle markets.

Ola S1X

The business has begun shipping its most affordable electric scooter, the S1X. Ola S1X debuted last month. It will be offered in three distinct models and battery sizes. According to Ola Electric, it has received over 75,000 bookings. The S1X is offered with two battery pack options, according to the firm. The 2 kWh battery pack costs Rs 89,999, while the 3 kWh battery pack costs Rs 99,999. The S1X+ is available in a single model with a 3 kWh battery pack. It costs Rs. 1,09,999 (ex-showroom). The company began selling electric scooters two years ago and has since risen to the top of the industry with a market share of over 40%.

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