A fresh round of fundraising plan has been launched in anticipation of Ola Electric’s nearing break-even point and profitability. According to those close to the company, the funds will be gathered from reputable, well-established international investors and sovereign funds, and Goldman Sachs will handle them.
In order to fund its development ambitions and other business objectives, the maker of electric vehicles, Ola Electric, is reportedly close to raising $300 million in funding, according to people close to the company. The money will reportedly be raised from well-known, reputable, and sovereign funds in addition to current international investors, claims the statement. The assets will be handled by the investment company Goldman Sachs.
It is predicted that Ola Electric will shortly reach break-even and turn a profit when the new financing round is disclosed.
Ola Electric, the maker of the Ola S1 and Ola S1 Pro electric scooters, was in the lead among Indian EV manufacturers in terms of volume and income after a year of production of the Ola S1 and Ola S1 Pro.
The firm, which delivered around 150,000 electric vehicles in 2022, has been advancing its goal to improve fundamental technologies such as cell production and is seeking to diversify its product offering across the two-wheeler and four-wheeler categories.
In order to export goods from India to all key markets, including Southeast Asia, Latin America, Europe, and Africa, the business also plans to use its manufacturing capabilities and technologies.
According to Ola Electric’s founder and CEO, Bhavish Aggarwal, the business is working towards the Mission Electric initiative, with the goal of having all 2W sold in India by the end of 2025 and all cars sold in India by 2030 being electric.
In 2023 and 2024, according to Aggarwal, the business plans to offer a variety of other 2W EV goods, including a motorcycle, a number of luxury motorcycles, and a motorcycle aimed at the mass market.
The Tamil Nadu government and Ola Electric recently signed a contract to buy property in Krishnagiri for the development of the biggest EV hub in the world. The four-wheeler, cell, and supplier ecosystems of the business would all reside in a single hub. Insiders claim that the company also intends to treble the rate at which two-wheelers are produced.
The electric two-wheeler startup has been operating, selling more than 20,000 units on average each month. In order to reach its expansion target in all major cities, 500 Experience Centers will be operational by April 2023.
