Yahoo Finance E-Scooter Maker Ola Electric Raises $200 Million for Expansion
(Bloomberg) -- Ola Electric Mobility Pvt., an Indian maker of electric two-wheelers, raised more than $200 million as it works to gain an early lead in the market for battery-powered scooters.
Most Read from Bloomberg
Apple to Rival Square by Turning iPhones Into Payment Terminals
Stocks Drop in Roller-Coaster Ride for Wall Street: Markets Wrap
How a Fox News Interview Threw the Antiwork Subreddit Into Chaos
Post-Vaccine Menstruation Changes Are Smaller Than Natural Ones
The latest round values the company at $5 billion, the manufacturer said in a statement on Monday. Investors including Tekne Private Ventures, Alpine Opportunity Fund and Edelweiss participated.
The startup, backed by Tiger Global and SoftBank Group Corp., is building the world’s largest two-wheeler manufacturing facility about two hours’ drive from its Bangalore headquarters. Its newly launched Ola S1 scooter has been marred by delays with customers complaining online about missed delivery deadlines.
Ola Electric is “looking forward to bringing our innovative products to more two-wheeler categories including bikes as well as cars,” Bhavish Aggarwal, Ola’s founder and chief executive officer, said in the statement.
The new plant will employ 10,000 women at full strength, making it the world’s largest women-only factory, and the company plans to expand its annual manufacturing capacity to 10 million electric scooters.
Most Read from Bloomberg Businessweek
Market Turmoil Is Ultimate Test of What’s Real and What’s Not
What Happens When Russian Hackers Come for the Electrical Grid
Celsius’s 18% Yields on Crypto Are Tempting—and Drawing Scrutiny
©2022 Bloomberg L.P.
