The report claims that the electric vehicle manufacturer will be receiving the funds within a week’s time. It also stated that there will be another round of fundraising before the EV manufacturer files its papers for an up to $1 billion IPO that is planned for late 2023. The Singapore-based investment firm is not a first-time investor in Ola Electric as it already invested in the EV firm previously as well. Among other investors of the Bhavish Aggarwal-backed electric two-wheeler manufacturer are Japan’s SoftBank Group.
Watch: Ola Electric motorcycle concepts breaks cover | To launch in 2024
Interestingly, the fresh investment for Ola Electric came at a time, when the EV maker announced its product strategy to bring a range of new vehicles in both the electric car and electric motorcycle segment over the next few years. A few days ago Ola Electric revealed its strategy to penetrate the Indian electric motorcycle market. It plans to launch four different electric motorcycles which will be aimed at various segments. Also, the company is working on its first electric car.
Ola Electric is currently the market leader in the Indian electric scooter market with a 32 per cent market share, claimed the report. The company competes with rivals such as Ather Energy, TVS Motor Company and Hero Electric. Ola Electric sold around 95,000 electric scooters between April and June this year, further claimed the report. The company reportedly recorded an operating loss of $136 million on revenue of $335 million in the last financial year.
First Published Date: 07 Sep 2023, 18:47 PM IST