Ola Electric, the largest electric two-wheeler manufacturer in India, has completed a funding round of approximately $385 million. Most of this funding will be used to complete Ola’s battery cell factory in India.
Long-term goal: 100 gigawatt-hours annually
The investment comes from various investors and the State Bank of India. It is intended to expand Ola Electric’s business, particularly in connection with the construction of the battery cell factory in Krishnagiri, in Tamil Nadu, in southern India, launched in June. The site is scheduled to begin operations in early 2024 with an initial annual capacity of five gigawatt-hours. The long-term goal is to increase capacity to 100 gigawatt-hours per year.
India becoming world’s leading e-mobility hub?
Ola Electric founder and CEO Bhavish Aggarwal emphasizes the company’s vision to bring about the end of the gasoline engine in the automotive industry. He sees the future gigafactory as a significant step towards India’s position as the world’s leading e-mobility hub.