Ola electric secures ₹3,200 crore investment from Temasek

Ola Electric has successfully raised ₹3,200 crore in funding from investors led by Temasek and State Bank of India (SBI). This substantial investment will propel Ola Electric's mission to revolutionize the automotive industry by putting an end to the era of internal combustion engine (ICE) vehicles.

Ola Electric Funding

The funds will be channelled into expanding Ola’s EV business and establishing India's inaugural lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Bhavish Aggarwal, Ola Electric CEO on Funding

Bhavish Aggarwal, the founder and CEO of Ola Electric, expressed his enthusiasm, stating, “At Ola, our vision is to end the ICE age in automobiles, and our upcoming Gigafactory will be a significant stride in India’s journey towards becoming a global EV hub.”

Crucially, Ola Electric was also chosen by the government to participate in its cell Production-Linked Incentive (PLI) scheme, securing a maximum capacity of 20 GWh. This scheme is pivotal in making India self-sufficient and localizing essential components of the EV value chain.

The lithium-ion cell manufacturing facility, located near Ola’s Future factory in Krishnagiri, Tamil Nadu will boast a capacity of 5 GWh, a capacity that will be incrementally augmented to 100 GWh. Anticipated to commence operations early next year, this Gigafactory signifies a giant leap towards India's energy independence, propelling the nation into a sustainable and eco-friendly future.

Ola Electric’s commitment to advancing core EV technologies, coupled with robust support from investors and lenders, underscores the company’s dedication to accelerating the transition to sustainable mobility in India.

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