Ola Electric announced in New Delhi on Thursday that Temasek-led investors and the State Bank of India have contributed Rs 3,200 crore to the company. The business declared the successful conclusion of the investment round led by the 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 stated that it plans to quicken the development of its gigafactory, increase the production capacity of two-wheelers, and introduce electric motorbikes and vehicles first.
“Our goal at Ola is to eliminate internal combustion engines (ICEs) in cars, and the opening of our gigafactory in India would significantly advance the country’s transition into a major EV hub. Bhavish Aggarwal, the founder and CEO of Ola Electric, stated, “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 its ambitious cell PLI project, Ola Electric was chosen by the government to receive a maximum capacity of 20 GWh.