SoftBank co-leads $200m round of Ola Electric

Ola Electric, the electric vehicle (EV) arm of Indian ride-hailing firm Ola, has raised over US$200 million in a new round of funding that took its valuation to US$3 billion.

More funding details

• Lead investors: Falcon Edge, SoftBank, and others
• Stage: Unspecified

More company updates

• The fresh funds will be used to accelerate the development of other vehicle platforms, including its electric motorbike, mass-market scooter, and electric car.
• Ola Electric said that it has sold over US$150 million of its e-scooters in its first purchase window.
• In July, Ola Electric had raised US$100 million, the largest debt financing round in the Indian EV space.
• The company has also completed the first phase of its Futurefactory, which it says will be the world’s largest two-wheeler factory. It recently said that the factory would be run entirely by women.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.