Ola said that through the injection of new funds, it will accelerate the development of other automotive platforms, such as electric motorcycles, mass market scooters and electric cars. After Ola Electric announced on Thursday that it had raised funds, its valuation reached US$3 billion (approximately Rs 22,272 crore). More than US$200 million (approximately Rs 14.847 billion) from Falcon Edge, SoftBank and other companies. Ola said that through the injection of new funds, it will accelerate the development of other vehicle platforms, such as electric motorcycles, mass market scooters and electric cars. In July, Ola Electric announced the signing of a USD 100 million (approximately Rs 7,445 crore) 10-year debt financing agreement with Bank of Baroda. In the past, Ola Electric has raised funds from investors including Tiger Global and Matrix India. Last month, Ola stated that its S1 electric scooter sales exceeded 11 billion rupees in 2 days. It added that the funding will strengthen Ola’s “electric mission,” which urges the industry and consumers to commit to electric and ensures that gasoline two-wheelers will no longer be sold in India after 2025. At the same time, Meesho said that according to a report by PTI, it has raised $570 million in funding, led by Fidelity Management and Research and B Capital Group.
News Source : The Indian Express
