Ola Electric's Big Move: Rs 3,200 Cr for EV Expansion!

Ola Electric, an e-scooter maker based in Chennai, has raised Rs 3,200 crore from Temasek-led investors and the State Bank of India.

Ola Electric raised Rs 3,200 crore in equity and debt funding to expand its EV business and set up a lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola Electric to accelerate growth by ramping up two-wheeler production, launching e-motorcycles and cars, and fast-tracking gigafactory construction. Ola is building a lithium-ion cell manufacturing facility near its Futurefactory in Krishnagiri, Tamil Nadu.

Ola Electric's upcoming gigafactory in Krishnagiri is expected to be operational by early next year. It will be able to manufacture lithium-ion cells at scale domestically, bringing India one step closer to energy independence.

Ola Electric was selected by the government under its ambitious Production Linked Incentive (PLI) scheme for battery cells, receiving a maximum capacity of 20 gigawatt-hours (GWh).