Bhavish Aggarwal-led electric mobility major Ola Electric raised $300 million in funds led by an undisclosed, leading sovereign fund company, Business Standard reported. Interestingly, Ola Electric’s one of the first major investors SoftBank Group is not participating in this round.
The deal’s paperwork is likely to be completed in a few weeks. The new funding will be used to enhance the company’s annual capacity for electric two-wheelers from 0.5 million to 2 million.
Ola Electric also intends to use the new funds to establish an advanced cell chemistry battery factory. Furthermore, the electric mobility firm is developing on an electric passenger car facility, which might be ready by next year.
However, Ola said in a statement that it had its biggest month ever in March, with sales of more than 27,000 units.
However, over the past year, Ola has been plagued by many reports of safety and construction quality faults with its existing portfolio of electric scooters. Despite this, Ola Electric debuted two new escooter versions at reduced pricing ranges in February.
