Photo credit: Ola Electric
Ola Electric, an India-based EV maker, is looking to raise up to US$300 million in a fresh round, an industry source told Tech in Asia.
Following the new round, SoftBank’s stake in the company will go down to nearly 19%, added the source. The Japanese conglomerate has so far invested about US$250 million and currently has a share of around 24% share in Ola Electric.
Economic Times was the first to report the development.
Tech in Asia has reached out to Ola Electric for more details.
The latest round comes after the company raised US$200 million at a valuation of US$5 billion in January.
Ola Electric has been aiming to build the world’s largest electric-vehicle hub in the Indian state of Tamil Nadu, setting aside over US$900 million for the same. It also plans to offer electric cars by 2024.
The company has been facing backlash over poor services for its electric two-wheelers. In response, founder and CEO Bhavish Aggarwal launched a blog earlier this month to share the firm’s “engineering facts, and break the fake and agenda driven narrative.” The company has sold a total of over 200,000 e-scooters so far.
Editing by Miguel Cordon and Arpit Nayak
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