Ola Electric has announced that the brand has received more investments from various firms. The brand reveals that the top investors in this round include Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, among others. This has taken the valuation of Ola Electric from USD 200 million to USD 5 billion. Thanks to the demand for electric vehicles in India the increase in investment will help Ola accelerate the EV segment. The EV segment is also seeing a lot of demand and thus a surge in the emergence of new EV makers in the country can be seen. The brand is also one of the major players in the market, proved by its infrastructure and business aspirations.
Ola Electric’s Current Status
With its premium electric scooters the S1 and S1 Pro, the brand officially entered the EV market. Ola has also installed a new manufacturing plant, called Futurefactory. The Futurefactory claims of being the world’s largest two-wheeler manufacturing facility. This suggests that Ola is pretty much serious about the EV business and aims to make a strong mark in the market. The new factory employs over 10,000 women which makes it the largest women-only factory and the only all-women automotive manufacturing facility globally.
The Future
Ola Electric also has some of the most ambitious plans for the Indian market. The brand also plans to install a pretty expansive charging network which is also much talked about. The charging network known as the Hypercharger is being expanded throughout the country. Furthermore, the brand also plans to set up this network in over 400 cities with a total of 1,00,000 charging points. This will help Ola create a robust charging infrastructure and reduce the range anxiety in customers. This will also further accelerate the buying sentiment of the electric scooter.
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