Ola raises $200 million at a $3 billion value after selling 4 electric scooters every second.
Ola has just announced a large new investment round with an astronomical valuation, following record demand for its new electric scooters. Ola is fast becoming a major disrupt in the electric scooter business, having raised an additional $200 million in capital at a new $3 billion valuation.
Earlier this month, the Indian electric mobility business began selling its first kind of electric scooter.
The Ola S1 and S1 Pro were in such high demand that four scooters were being sold every second.
Ola's electric scooters, which can reach speeds of over 70 mph (115 km/h), attracted a lot of attention when they were first shown in August.
Bhavish Aggarwal, CEO of Ola Electric, said about the event:
We're proud to be at the forefront of global electric vehicle revolution, from India to the rest of the world. India has the talent and capability to develop future technology for future sectors that will benefit the entire planet. I'd want to thank all of our current investors and welcome any new ones to Ola. We can deliver mobility to a billion people to ensure the future's sustainability if we work together.
Ola received around $150 million in income from pre - selling its upcoming scooter, driving the fresh $200 million funding round.
The money will be used to expand manufacturing at Ola's Future Factory and to accelerate the design of an Ola electric car, which Aggarwal hopes to see on the road in the next few years.
Ola Electric is seen as one of the best prospects for India's massive number of gas-powered scooters and motorcycles to be converted to electric alternatives.
Many other electric two-wheeler models in India have aimed for moped-class features, with lower speeds and smaller batteries. Ola, on the other hand, is focusing on higher power and faster speeds in order to effectively replace 125cc gas scooters and motorbikes.
An 8.5 kW electric motor powers the Ola S1 and S1 Pro. The S1 has a top speed of 90 kilometres per hour (56 miles per hour), whereas the S1 Pro can go up to 115 kilometres per hour (71 mph).
Both scooters have huge batteries, with the S1 having a 3 kWh capacity and the S1 Pro having a 4 kWh capacity. The ranges of those huge batteries are 121 km (75 miles) and 181 km (112 miles), respectively. Such large ranges, on the other hand, are frequently calculated at lower city speeds.
The scooters have impressive performance specs, but the price, which starts at Rs 99,999 ($1,350), was the true eye-catcher when they were launched.
Now, Ola's announcement of this significant new investment round is expected to bolster the company's Mission Electric which calls on the industry and consumers to commit to electric vehicles and ensure that no gas-powered two - wheeler are sold in India after 2025.
Ola's Future Factory, in addition to its electric scooters, is a feat of engineering in and of itself.
The huge factory was developed in just six months and has a production capacity of 2 million electric scooters per year. Ola intends to grow its annual capacity to 10 million units in the future.
The Future Factory has achieved another key distinction in addition to becoming the world's largest electric scooter manufacturing plant. It is the world's largest female-owned and operated car manufacturing plant. The facility is exclusively manned and managed by women, with 10,000 workers projected once production reaches full capacity.
When Ola begins international exports, that massive workforce and large production capacity will become even more critical. The company's high-tech electric scooters have generated a lot of interest outside of India, and Ola wants to start addressing that demand with foreign shipments as early as next year.
Aggarwal even stated on Twitter that US exports might begin as early as 2022, with other company representatives confirming European expansion intentions starting early next year.
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