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After the latest round of funding Ola's value reached $6 billion, In the prior funding round, investors including Tekne Private Ventures, Alpine Opportunities Fund, and Edelweiss invested $200 million in Ola Electric

Ola Electric raises $300 million at a valuation of $6 billion

After the latest round of funding Ola's value reached $6 billion, In the prior funding round, investors including Tekne Private Ventures, Alpine Opportunities Fund, and Edelweiss invested $200 million in Ola Electric

Electric scooter manufacturer Ola Electric has raised $300 million in its most recent investment round, increasing its worth to $6 billion. In January 2022, the company raised $200 million at a $5 billion valuation.
In the prior transaction, investors including Tekne Private Ventures, Alpine Opportunities Fund, and Edelweiss contributed $200 million to Ola Electric. The business has so far secured about $900 million in capital across several stages. &nbsp; &nbsp; &nbsp;
The company will immediately increase the production capacity of electric two-wheelers from 0.5 million to 2 million per year using the money from the most recent deal.&nbsp;
The money will also assist the company in building a battery factory for advanced cell chemistry, for which it has already qualified for incentives under the production-linked incentive programme. A facility for electric passenger cars is also in the works and could materialise sometime in 2024. &nbsp;
Although, the government's recent decision to reduce the FAME II subsidy on each scooter by nearly a third is one of the company's many serious hurdles. Without the subsidy, the corporation could lose ₹40,000-₹50,000 on each scooter, as a result the company may raise prices by 10% to 15%. &nbsp;

Ola CEO Bhavish Aggarwal tore presentations & used Punjabi epithets with staff: Report

Ola employees have revealed founder and CEO Bhavish Aggarwal's aggressive and unsparing behaviour at work, which they say has upset board members and managers, according to report

Ola Electric's hostile workplace culture

The 37-year old has big plans for Ola Electric to rival the likes of Elon Musk's Tesla and China's BYD Company

While Ola doubles down on EVs to undercut Elon Musk, its employees have revealed founder and CEO Bhavish Aggarwal's aggressive and unsparing behaviour at work.
A report in Bloomberg suggest that Aggarwal's relentless ambition and management style has created a toxic work culture forcing a dozens of senior executives to leave the firm within a year or two.
Employees said there were instances where Aggarwal used Punjabi epithets at staff and told teams they were 'useless'.
Bloomberg said it interviewed over two dozen present and former Ola employees, who chose to remain anonymous fearing reprisal.
37-year old Aggarwal has big plans for Ola Electric to rival the likes of Elon Musk's Tesla and China's BYD Company.&nbsp;
Although Ola posted its first profit last year, a decade after it was founded, and also remains India&rsquo;s top ride hailing platform ahead of global rival Uber, Aggarwal had to push off an IPO last year.

India's EV industry is facing the heat after a number of electric two-wheeler vehicles went up in flames. Editorji highlights the burning issue of battery overheating and if recalls are enough to ensure safety in the future.

Explained: Electric vehicle fire, the burning issue and if recalls are enough 

The big question is if the Centre can douse EV fires with a battery policy

Explained: EV fire, the burning issue and if recalls are enough 

Incidents Of Explosions In Four Weeks
On March 26, the first fire incident came to light after a video of an Ola EV ablaze went viral on social media. The same day, a father and daughter duo were killed in an Okinawa electric scooter explosion in Vellore, Tamil Nadu. On March 30, an e-scooter manufactured by Pure EV caught fire. In another incident, on April 11, a container truck carrying 20 EVs owned by Jitendra Electric Vehicles caught fire in Nashik.
 On April 18, an Okinawa Autotech dealership was gutted to fire in Tamil Nadu, owing to a possible short circuit.
 In the recent and sixth fire incident which took place last week, a Pure EV explosion claimed the life of an 80-year-old, while two others sustained serious injuries.

The big question is if the&nbsp;Centre can douse EV fires with a&nbsp;battery policy

India's EV industry is facing the heat after a number of electric two-wheeler vehicles went up in flames.
Editorji highlights the burning issue of battery overheating and if recalls are enough to ensure safety in the future.
<h3>"Recall pe recall"</h3>
After Okinawa and Pure EV, <a href="https://www.editorji.com/business-news/is-there-a-social-army-riding-online-to-defend-ola-1651731458442" target="_blank">Ola </a>is recalling 1,400 electric scooters of a single batch to check for any disconfiguration after a spate of fire involving multiple manufacturers and brands.&nbsp;
Also read/watch|&nbsp;<a title="Explained: Why Indonesia ban and not Ukraine war is India's biggest problem" href="https://www.editorji.com/business-news/economy/explained-why-indonesia-ban-and-not-ukraine-war-is-india-s-biggest-problem-1650860521605">Explained: Why Indonesia ban and not Ukraine war is India's biggest problem</a>
<h3>Govt steps in</h3>
These 'voluntary' recalls were announced just as the&nbsp;&nbsp;Union Road Transport Minister Nitin Gadkari asked EV makers to take &ldquo;advance action&rdquo; immediately. Gadkari said the companies found negligent will be penalised. There is also a buzz that the govt is looking to douse the problem by coming out with a battery policy which will cover performance testing and manufacturing standards, along with heat resistance of these batteries.
<h3>Is the Indian summer causing EV fires?</h3>
The speculation around rising temperatures and batteries exploding have been rife. While it&rsquo;s easy to attribute the <a href="https://www.editorji.com/business-news/e-scooter-fires-nitin-gadkari-sends-stern-warning-urges-for-recall-1650604967468" target="_blank">EV fires</a> to rising temperatures, experts suggest looking at how a lithium-ion (Li-ion) battery is packed and designed. EVs are powered by Li-ion batteries, which are generally considered to be lightweight and efficient. However, they also pose a fire risk.
<h3> Also read/watch|&nbsp;<a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076">Top edible oil stocks to watch out for in India</a> What's this about a thermal runway?</h3>
Some experts believe that the reason for EV scooters catching fire is a thermal runaway. Thermal runaway is a chain reaction within a battery cell that can be very difficult to stop once it has started. It occurs when the temperature inside a battery reaches the point that causes a chemical reaction to occur inside the battery. This chemical reaction produces even more heat, which drives the temperature higher, causing further chemical reactions that create more heat. Sudden acceleration or prolonged charging/fast charging of the vehicles can aggravate the issue.&nbsp;

Days after the saga of electric bikes catching fire, videos of unique protests against Ola are now going viral on social media. 
Man ties Ola E-bike to donkey
Frustrated with the services of Ola, a man in Maharashtra’s Parli Vaijanath tied his electric scooter to a donkey with a rope and paraded it around the town. The bizarre act was a mark of protest against its manufacturer for not fixing the fault in the two-wheeler after it stopped working just 15 days post delivery.
The man identified as Sachin Gitte, tied a donkey to the “faulty” e-scooter and paraded it around Beed with posters and banners urging people not to trust the company. 
Man sets e-bike on fire
Another incident comes to light in Tamil Nadu. Prithiviraj, a resident of Tamil Nadu's Tirupattur, voluntarily set his e-bike on fire after reportedly facing several issues. 
As per the reports, the owner of the Ola S1 Pro, burned the scooter because he was unhappy with its performance and range of the scooter. The reports further say that he received the electric scooter three months prior to the incident and has faced issues with the scooter.
The whole incident fueled frustration and anger and Prithviraj poured petrol over the e-bike and set it on fire. 
 

Ola's frustrated customers| One sets EV bike on fire, another ties it to Donkey

Watch| Angry ola customers unique way of protesting 

Days after the saga of electric bikes catching fire, videos of unique protests against Ola&nbsp;are now going viral on social media.&nbsp;
A Maharashtra man staged a unique protest after failing to get a satisfactory response from Ola about his electric scooter. Sachin Gitte, of Beed district, said his Ola electric scooter stopped working just six days after it was purchased.&nbsp;
Another incident comes to light from Tamil Nadu.&nbsp;Prithiviraj, a physiotherapist based out of Tamil Nadu's&nbsp;Ambur, set ablaze his just 3-month-old Ola S1 Pro scooter.&nbsp;According to reports, the owner&nbsp;was unhappy with its performance and range of the scooter. &nbsp;

Angry Ola&nbsp;customers protest&nbsp;are now going viral on social media.&nbsp;

Days after the saga of electric bikes catching fire, videos of unique protests against Ola&nbsp;are now going viral on social media.&nbsp;
Man ties Ola E-bike to donkey
Frustrated with the services of Ola, a man in Maharashtra&rsquo;s Parli Vaijanath tied his electric scooter to a donkey with a rope and paraded it around the town. The bizarre act was a mark of protest against its manufacturer for not fixing the fault in the two-wheeler after it stopped working just 15 days post delivery.
Also read/watch|&nbsp;<a title="LIC IPO Announced: Offer to open on May 4 for retail investors" href="https://www.editorji.com/business-news/markets/lic-ipo-announced-offer-to-open-on-may-4-for-retail-investors-1651043866590">LIC IPO Announced: Offer to open on May 4 for retail investors</a>
The man identified as Sachin Gitte, tied a donkey to the &ldquo;faulty&rdquo; e-scooter and paraded it around Beed&nbsp;with posters and banners urging people not to trust the company.&nbsp;
Man sets e-bike on fire
Another incident comes to light from Tamil Nadu.&nbsp;Prithiviraj, a resident of Tamil Nadu's Tirupattur, voluntarily set his e-bike on fire after reportedly facing several issues.&nbsp;
Also read/watch|&nbsp;<a title="Elon Musk networth down by nearly $40 billion since Twitter tales began" href="https://www.editorji.com/business-news/elon-musk-networth-down-by-nearly-40-billion-since-twitter-tales-began-1651051989112">Elon Musk networth down by nearly $40 billion since Twitter tales began</a>
As per the reports, the owner of the Ola S1 Pro, burned the scooter because he was unhappy with its performance and range of the scooter. The reports further say that he received&nbsp;the electric scooter three months prior to the incident and has faced issues with the scooter.
The whole incident fueled frustration and anger and Prithviraj poured petrol over the e-bike and set it on fire.&nbsp;

ola ev

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