Ola Electric announced on Thursday that it had raised Rs 3,200 crore via equity fundraising, led by Temasek, and project debt through the State Bank of India to expand its electric two-wheeler business and build a factory for cell production.
Ola Electric introduced new products to its electric scooter lineup, starting at Rs89,999 for the 2kWh variant of the S1X.
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Mint reported the news first on September 6 that Ola had signed a deal to raise $140m from existing investors, including Temasek Holdings. The valuation was $5.4billion, which is lower than the $7-8billion that Ola wanted.
Singapore’s state investor, Temasek, will contribute around $90 million. Other contributors, mostly family offices, will contribute the remainder.
In its last round, Ola Electric was valued at $5 billion. Ola Electric raised $200 million in January 2022 from Tekne Private Ventures and Alpine Opportunity Fund, as well as Edelweiss.
This round provides Ola Electric with a buffer and a longer runway to prepare for its planned initial public offering.
Ola Electric is a recipient of the government’s Production-Linked Incentive for Advanced Chemistry Cells. The facility will have an initial capacity in India of 5 GWh. This capacity will then be increased in phases up to 100 GWh.
Mint reported on May 25 that Ola Electric had appointed several investment bankers and was preparing an IPO for early 2024.
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Ola Electric dominates the domestic two-wheeler electric market with its S1 Pro and S1 scooters.
According to the VAHAN dashboard, the company had nearly a 29% share in September of all e-scooters that were sold in India.
Ola Electric showcased a car with an electric motor in August 2022. However, the launch of this vehicle, which was originally scheduled for 2024, will likely be delayed. The company has also shown off designs for an electric motorcycle.
Ola Electric has reported an increase in attendance at its experience centers following the launch of S1 X+ – its cheapest version to date. Our sales have soared this Dussehra. Bhavish Bhavish, CEO and founder of X posted on X the day before the Dussehra festival that they were selling a scooter almost every 10 seconds.
He did not specify how long the company had observed this trend. Ather Energy, a rival company, announced last month that it had raised Rs900 crore (US$108.27m) through a rights offering from its shareholders Hero MotoCorp as well as Singapore’s GIC.
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She continued, “To refuse a standing and to watch in silence while every law of humankind is pulverized and food, water and medical supplies are cut off for millions of people and thousands of men women and children are being annihilated in Palestine goes against everything that our country as a nation has stood up for in its lifetime.”
Priyanka quoted Mahatma’s famous quote, “An eye for an eye, makes the world blind.”
On Friday, the United Nations General Assembly adopted a Resolution calling for a “durable and sustained humanitarian ceasefire” between Israel terrorists and Hamas in Gaza. India, however, has not called for protection of civilians. It also adheres to its legal and humanitarian obligations.
The General Assembly adopted the resolution with 120 votes for, 12 against, and 45 abstentions. Iceland, India, Panama, Lithuania, and Greece were among the 45 nations that abstained from voting.
The UNGA demanded that civilians trapped in the enclave receive “continuous and sufficient” supplies and services to save their lives.
The Jordanian resolution does not mention the Hamas terror attack on October 7. It is important to note that the Jordanian-proposed answer does not specifically mention the terror attacks of Hamas on October 7.
The UNGA voting comes as Israel announces expanding its ground operations in Gaza. Israel Defence Forces spokesperson Rear Admiral Daniel Hagari stated on Friday that the military had increased airstrikes against the Gaza Strip over the last few hours and would expand this activity.
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