Ola Electric secures Rs. 3,200 crore from investors; SBI to back EV business.

Ola Electric on Thursday announced that it has successfully secured funding of Rs 3,200 crore from a consortium led by Temasek and State Bank of India (SBI). According to the company's official statement, this capital investment will play a key role in supporting Ola's expansion in the electric vehicle (EV) sector, which also includes setting up India's inaugural lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Based in Bengaluru, Ola Electric is strategically positioning itself to accelerate its growth path. The strategy includes increasing its two-wheeler manufacturing capabilities, launching electric cars followed by electric motorcycles and accelerated construction of a gigafactory.

Explaining the company's vision, Bhavish Aggarwal, Founder and CEO, Ola Electric, said, At Ola Electric, our vision is to end the era of the internal combustion engine in automobiles, and our upcoming Gigafactory is an important milestone in India's transformation. A global hub for electric vehicles. We remain steadfast in our commitment to advancing core EV technologies and production scaling, thus accelerating the transition to sustainable mobility.

It is noteworthy that Ola Electric was selected by the government as the beneficiary of the Production-Linked Incentive (PLI) scheme for SAIL, giving the company a maximum capacity of 20 GW.

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